The Finance COP Summit talks have been a center of debate following a fall disagreement between developing and developed (low polluters vs highest emitters). A meeting held past the COP29 end date still bore no fruit, where stakeholders agreed on a $300 billion annual climate finance by 2035.
On one side, the developed nations, including the United Nations Climate Change Committee (UNCCC), view the NCQD COP29 climate finance deal as a success.
According to Simon Stiell, the Deputy Executive Secretary of UNCCC during the COP29 negotiations, “The new finance goal delivered at COP29 is an insurance policy for humanity, amid worsening climate impacts hitting every country. This deal will help all countries to share in the huge benefits of bold climate action.”
Full remarks: UNCCC
Also, the UN Climate Change regards the deal as a triple improvement from COP28 Summit deals. True to that, renewable investments and consumption have more than tripled over the past year. Additionally, the agreed funding has improved from an annual $100.
Meanwhile, developing countries have continuously expressed disappointment with the new deal. See what Mohamed Adow, a Director at Power Shift Africa, had to say via his X post.
Adow also echoed that the $300 billion will only be available from 2035. “Not only did the global north impose a low-ball finance figure, it comes into force 11 years from now. This deal is too little, too late.”
Therefore, the UN COP29 deal is unfair to developing nations, currently losing lives through various climate calamities. Africa alone has lost thousands of lives in 2024, mainly through floods and drought. Waiting until 2035 to cover the existing and future climatic damages is almost impossible.
Many blame the Azerbaijan administration and the developed nations for prioritizing the Global North’s interests. According to Adow, “Baku will also be remembered for enabling rich polluters to cheat their way out of actual emission reductions through the use of dubious pollution permit markets.”
What’s next for Africa and the Global South, which was mainly depending on a reliable COP29 deal? Considering they are the lowest emitter, is it time to reconsider their relationship with the Global North?
Add a Comment