COP29 concluded in Baku with an agreement requiring developed countries to provide $300 billion annually for climate finance to developing nations by 2035, falling short of the hoped-for $1.3 trillion. The agreement leaves unclear who will fund this commitment, with China making a voluntary contribution without obligation. While some view the agreement as a step forward, many climate-vulnerable nations express disappointment, deeming the outcome inadequate for their needs.
At COP29, Namibia is actively seeking oil and gas investments, promoting its potential to double GDP by 2040 through exploration in four basins and partnerships with companies like BW Energy. However, experts caution that reliance on fossil fuels may lead to economic pitfalls similar to those faced by Nigeria and Angola, risking environmental degradation and stranded assets as the world shifts towards clean energy.
Negotiations at COP29 are stalling over climate finance goals, with developing nations demanding $1.3 trillion while wealthier countries, including China and Gulf states, resist equal responsibility for emissions. Saudi Arabia is pushing to remove anti-fossil fuel language, raising concerns about human rights and the inclusion of vulnerable communities in climate discussions. Activists warn that a weak deal would be unacceptable, emphasizing the need for transparency and strong commitments to climate action.
The COP29 climate conference in Baku focuses on setting a new climate finance goal for developing countries, with discussions on increasing annual funding from $100 billion to potentially $1 trillion. The looming presence of Donald Trump's election raises concerns about the U.S.'s commitment to international climate agreements, as his previous administration withdrew from the Paris Agreement. The outcome of these negotiations could significantly influence global climate action in the coming years.
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