The Paris Agreement plan to increase the yearly climate finance from $100 billion to $1.3 trillion tragically failed at the COP29 Baku Summit. The New Collective Quantified Goal on Finance (NCQG) tabled an alternative figure, jeopardizing vulnerable nations’ climate adaptation plus sustainable development efforts.
As part of the Western powers emitting the most, the EU initially suggested at the COP29 annual funding of $200 billion, which is way less than earlier NCQG negotiations. During the talks, India had suggested a yearly climate finance fee of $600 billion, a deduction from their initial $1 trillion.
Obviously, this is a potential setback for African nations, accounting for the least emissions globally (4% only). Nations like Chad, Nigeria, Malawi, Kenya, and South Africa are already facing the wrath of devastating floods. They might have to deal with such climate calamities for another year with ample climatic funding.
Negotiators have criticized the more able nations for not meeting climate funds goals in the Paris Agreement. They are calling for more talks, which should happen sooner with the COP29 deadline looming.
Speaking on Thursday 21st, the UK climate Minister, Ed Miliband, emphasized that the UN climate finance talks are taking a step back. “There are clearly wide differences between parties remaining, but we know that we cannot afford to fail at this Cop. We must bridge those differences and for our part in the UK we stand ready to do that.”
Africa depends on negotiators like PACJA and the AFDB to push for more climate funding. The continent depends on to seek and gain the long-awaited climate justice.
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