COP29, the United Nations' annual climate alarmist summit, ended in extra time this weekend with an agreement that would obligate rich countries to invest $300 billion a year in “climate finance” over the next decade – angering environmental campaigners who say the amount is small. Ridiculously so. [emphasis, links added]
By the time the summit is expected to end on Friday, the $300 billion agreement is $50 billion more than what wealthy participants have proposed.
despite this, Some extreme climate activists want to see rich countries redistribute up to $1 trillion of wealth to “developing countries” Invest in mitigating the effects of so-called climate change.
The parties agreed to provide an additional $50 billion after climate firebrands mocked the proposed $250 billion in public statements last week.
“The proposed target of raising $250 billion per year by 2035 is completely unacceptable and insufficient to achieve the Paris Agreement,” Ambassador Ali Mohammed, special envoy to the chairman of Kenya's African negotiating group, told the British left-wing newspaper guardian.
“$250 billion will result in an unacceptable loss of life in Africa and around the world, and jeopardize the future of our world.”
“The latest draft text on new collective quantified targets is more than a joke – It’s an insult to the billions of people in the global South who live on the front lines of the climate crisisTasnim Essop, head of the International Climate Action Network, reportedly said. “Public finances of $250 billion a year are a pittancedoubling the unmet $100 billion target rather than addressing real needs.
An internal report from the event hosted by fossil fuel giant Azerbaijan describes The activist ranks were “bitter,” angry and ultimately disappointed.
Bloomberg’s live coverage provides compelling details, including Some countries pulled out of the talks at some point, and the meeting rooms ran out of food, irritating diplomats.
The Conference of the Parties event – formally known as the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) – is an annual meeting where countries agree on their commitments to combat the so-called climate crisis.
As the meeting became increasingly contentious The United Nations has offered hosting responsibilities to countries with a vested interest in promoting the fossil fuel industry.
Last year's host of COP28 was the United Arab Emirates (UAE), which awarded the event's chairmanship to Sultan Ahmed Al Jaber, president of the Abu Dhabi National Oil Company (ADNOC).
This year, host country Azerbaijan’s President Ilham Aliyev declared oil and gas “a gift from God” at the opening of COP29, saying: “Countries should not be blamed for owning these resources, nor should they To be blamed for giving these resources to the world.
The main focus of COP29 negotiations is to replace the current commitment of “developed countries” to invest $100 billion in climate finance per year, which is due to expire in 2025.
German media “Deutsche Welle” reported that “the agreement also includes a broader goal of raising US$1.3 trillion in climate finance per year by 2035.” “This will include funding from public and private sources, which economists say matches what is needed each year to address global warming.”
united nations secretary general In his concluding speech at this weekend's summit, Antonio Guterres said he was disappointed by potentially lower funding commitments.
“Developing countries, mired in debt, stricken by disasters, lagging behind in the renewable energy revolution, are in desperate need of funding,” he claimed. “The agreement at COP29 is absolutely necessary to maintain the 1.5-degree warming limit. Countries have delivered on their commitments. .
“I had hoped for a more ambitious outcome on both the fiscal and mitigation fronts to address the huge challenges we face,” he lamented, adding, “But this agreement provides a foundation.”
Guterres charged countries with moving quickly to raise funds to deal with the deal: “Commitments must be turned into cash quickly. All countries must work together to ensure that the ultimate goal of this new goal is achieved.”
Bloomberg observed that the agreement did not specify where the funds would go.
Top image from COP29 media library
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