COP29 ended with a climate finance deal where developed nations pledged at least $300 billion by 2035 to support developing countries. Despite this agreement, dissatisfaction among developing nations remains high due to the perceived inadequacy of the commitments.
The recent COP29 climate summit in Baku concluded more than 32 hours past its scheduled end with a pivotal agreement on international climate finance. Developed nations committed to mobilizing a minimum of $300 billion by 2035 to assist in the distribution of a broader $1.3 trillion aimed at enabling developing countries to mitigate greenhouse gas emissions and adapt to climate change impacts. However, the agreement has drawn significant criticism from developing countries, which feel let down by the inadequate contributions promised by wealthier nations, despite their eventual assent to the terms.
The COP29 summit is part of the continued international dialogue aimed at combating climate change, which has critical implications for the global environment and economies. The focus on climate finance at COP29 reflects the urgency of supporting developing nations that are disproportionately affected by climate-related challenges. The summit’s agreement represents a shift from prior targets set during earlier COP meetings, underscoring ongoing tensions between developed and developing countries regarding financial commitments.
In summary, the COP29 summit achieved a significant agreement on climate finance, yet many developing nations expressed dissatisfaction with the outcome. The commitment to raise $300 billion by 2035 reflects an effort to assist vulnerable countries, yet it has been deemed insufficient by those most affected by climate change. The road ahead remains challenging, as countries prepare for COP30 in Brazil in 2025 to further address these pressing issues.
Original Source: www.belganewsagency.eu
