COP29: Summit ends with climate finance deal but many leave disappointed
More than 32 hours after the scheduled end of the UN climate summit COP29 in Baku, participating countries reached an agreement on international climate finance. Developed countries pledged to raise "at least" 300 billion dollars by 2035.
The agreement is intended to help distribute 1,300 billion dollars by 2035 to help developing countries reduce their greenhouse gas emissions and adapt to the effects of climate change. These countries are in turn "encouraged" to contribute, albeit on a purely voluntary basis.
At least 300 billion dollars of that amount will come in the form of grants and loans from the developed world. The rest is to come from private money and "alternative sources of finance", including money mobilised through multilateral development banks.
'A betrayal'
While developing countries eventually agreed to the text, they are very disappointed with the outcome of the negotiations. They had hoped for a greater contribution from developed countries. "It is a betrayal of people and the planet by rich countries who claim to take climate change seriously," said Mohamed Adow, director of Power Shift Africa.
"It is a betrayal of people and the planet by rich countries who claim to take climate change seriously"
Host Azerbaijan and chair Mukhtar Babayev also received criticism during the summit. The country, whose economy depends on oil and gas exports, was accused of promoting fossil fuel interests throughout COP29. At the start of the event, Azerbaijan's president even described fossil fuels as a "gift from God".
EU and US optimistic
Developed countries reacted more positively to the final text. US president Joe Biden called it an "important step" in the fight against climate change, while EU Climate commissioner Wopke Hoekstra said: "COP29 will be remembered as the start of a new era for climate finance."
"COP29 will be remembered as the start of a new era for climate finance"
The new target replaces the one abandoned at COP15 in Copenhagen in 2009, when developed countries pledged to raise 100 billion dollars by 2020. It will be reviewed in 2028 and again in 2030. Countries will decide how to scale up this climate finance at COP30 in Brazil in 2025.
© PHOTO STRINGER / AFP
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