COP29: Almost 200 countries approve $300 billion for poor countries as part of climate agreement

Nearly 200 countries on Sunday (Nov. 24) approved a bitterly negotiated climate deal that would increase to at least $300 billion a year the amount rich, historically polluting countries pay poor countries to take action to combat climate change. with global warming.

After two weeks of grueling negotiations in Azerbaijan that stretched into overtime, COP29 President Mukhtar Babayev brought down the gavel at 2.39 am local time.

The deal is worth more than the $100 billion currently required under the previous agreement, which runs until next year.

But the amount is significantly lower than the $500 billion that some developing countries demanded at difficult talks in Baku, the AFP news agency said.

Under the deal, the money will come directly from a variety of sources, including the state budget, private sector investment and other financing.

The deal mentioned “alternative sources”: a reference to mooted potential global taxes on the aviation and maritime industries, as well as the wealthy.

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The hope is that money from developed countries will help boost private investment to reach the agreement’s ambitious goal of bringing in at least $1.3 trillion a year by the next 10 years.

The agreement also said developed countries would take the “lead” in providing $300 billion, implying that others could join.

India and other developing countries have criticized the climate agreement.

“It’s a tiny amount,” India’s COP29 delegate Chandni Raina said on Sunday. This document is nothing more than an optical illusion. In our opinion, this will not solve the enormity of the problem we all face,” Raina added.

Sierra Leone’s climate minister Jiwo Abdoulaye said the deal showed a “lack of goodwill” on the part of rich countries to support the world’s poorest countries as they face rising sea levels and more severe droughts.

Meanwhile, Nigerian delegate Nkiruka Maduekwe put it more bluntly: “It’s an insult.”

(With participation of agencies)