In COP-29, a record $300 billion has been allocated to combat climate change
Wealthy nations will give a record $300 billion annually in aid to support developing and poor countries in fighting climate change and coping with its impacts.
The countries have made this promise at the climate conference COP-29 in Baku, the capital of Azerbaijan. This information has been reported from a report by the British media outlet BBC.
The conference was deadlocked over the amount of financial assistance that rich countries will provide to poor countries. The talks were suspended for 33 hours.
Finally, just before the collapse, rich countries agreed to provide this amount of money. The UN climate chief Simon Steele said in this regard, “It has been a difficult path, but we have reached an agreement.”
The talks in Baku did not make progress on last year’s fossil fuel agreement. Developing countries and those vulnerable to climate change left the conference in anger on Saturday afternoon.
“I am not exaggerating; our islands are sinking! How can we return to our women, men and children with such a weak agreement?” said Cedric Schuster, head of the Alliance of Small Island States.
However, the agreement was adopted at 3 am local time on Sunday (November 24) after some changes. Although the agreement was celebrated with applause, India’s strong anger increased the tension at the conference.
Commenting on the insufficient amount of money allocated, India’s representative Leela Nandan said, “We cannot accept this. The proposed target will not solve any problem for us. It is not conducive to implement climate action that is essential for our survival.”
Countries like Switzerland, the Maldives, Canada, and Australia criticized the agreement’s language on reducing fossil fuel use as weak. A decision on this issue has been postponed until the next climate conference, COP-30, which will be held in 2025.
The pledges highlight the fact that poor countries are the ones who are least responsible for climate change, but are the ones who suffer the most.
The new pledges will come from government grants, banks and businesses in developed countries. They will help countries switch from fossil fuels to renewable energy.
The conference also pledged to triple the amount allocated to climate change preparedness. Historically, only 40 percent of climate change funding has been used for preparedness.
In addition to the $300 billion pledge, countries agreed to $1.3 trillion in climate change mitigation funding by 2035.
