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Nearly 200 countries reached a contentious agreement at COP29 in Azerbaijan to triple climate finance for developing nations, committing at least $300 billion annually by 2035. Despite the deal, which faced objections from India, many view it as inadequate to meet the urgent needs of vulnerable countries. The agreement aims to inform future emissions reduction commitments and highlights the ongoing challenges of global climate cooperation.
At COP29 in Baku, Azerbaijan, delegates faced stark realities as discussions on climate finance highlighted a significant gap between the needs of developing nations and the commitments of wealthier countries. Despite a draft agreement proposing $250 billion annually by 2035, many expressed skepticism about the feasibility of such funding, especially with the looming influence of U.S. politics under a potential Trump re-election. The conference underscored the urgent need for effective international cooperation to address climate change, as developing countries continue to bear the brunt of its impacts.
Governments have appointed Senegalese banker Ibrahima Cheikh Diong to lead the UN's new fund addressing climate change loss and damage. With extensive experience in infrastructure financing and climate disaster insurance, Diong aims to support vulnerable low-income countries. The fund, which received $660 million in pledges, is set to begin disbursements next year, though concerns remain about its size and sustainability.
Avinash Persaud
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climate finance deal reached at cop29 amid contentious negotiations
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23:40 23.11.2024
climate conference in azerbaijan highlights challenges in global cooperation and finance
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16:04 22.11.2024
senegalese banker appointed to lead un climate loss and damage fund
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17:48 23.09.2024
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