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At COP29 in Baku, a $300 billion annual climate finance deal was adopted to aid developing nations, but it faced criticism for being inadequate. While some hailed it as a step forward, representatives from poorer countries expressed disappointment, stating it falls short of urgent funding needs amid escalating climate impacts. The agreement aims to raise $1.3 trillion annually by 2035 and sets the stage for next year's summit in Brazil, yet lacks concrete actions to transition away from fossil fuels.
Wealthy nations agreed to a $300 billion funding proposal to assist developing countries in transitioning away from polluting fuels, but the deal faced significant criticism for being insufficient. Many poorer nations, including the LDCs and small island states, expressed disappointment over their lack of consultation and the perceived inadequacy of the financial support. The agreement also included provisions for emerging economies like China to contribute, reflecting a complex dynamic between rich and developing nations amid ongoing climate challenges.
Rich nations have agreed to a new climate finance goal of at least $300 billion annually by 2035 for developing countries, replacing the previous $100 billion target. Despite criticism from vulnerable nations for its insufficiency, the deal aims to mobilize a total of $1.3 trillion per year from all sources by 2035. The agreement, reached amid contentious negotiations, emphasizes the need for timely funding to address the escalating climate crisis.
New Zealand's government faces potential backlash for reversing a ban on offshore fossil fuel exploration, as civil servants warn it could harm the country's climate reputation and anger Pacific nations. The move risks legal challenges related to international climate obligations and could contradict commitments made at COP28. Critics, including Pacific leaders, emphasize the importance of maintaining a strong stance against fossil fuels to ensure regional safety and security amid climate threats.
Tina Stege
People
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developing nations criticize insufficient climate finance deal at cop29 summit
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10:30 24.11.2024
wealthy nations offer 300 billion to aid developing countries in climate shift
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developing nations express disappointment over new climate finance goal at cop29
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new zealand faces legal and diplomatic risks over fossil fuel exploration ban reversal
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