Baku, Azerbaijan: COP29 in Azerbaijan concluded with a landmark pledge from wealthier nations, committing $300 billion (£238 billion) to help developing countries prepare for and mitigate the effects of climate change.
However, the talks, which ran 33 hours over schedule, nearly collapsed when developing nations and climate-vulnerable countries staged a walkout on November 22nd afternoon, protesting the slow progress.
By 24th November, after some key adjustments to the agreement, the deal was finally passed with mixed reactions. While the announcement was met with applause, India’s impassioned speech underscored ongoing frustrations with the outcome.
Several countries, including Switzerland, the Maldives, Canada, and Australia, voiced concerns about the weak language on reducing global fossil fuel use, leading to a postponement of the decision until the 2025 climate summit in Belém, Brazil.
Today marked a historic day: Three major achievements were reached by the COP29 Presidency!#COP29 #COP29Azerbaijan #BakuBreakthrough pic.twitter.com/NgY1UMUMaf
— COP29 Azerbaijan (@COP29_AZ) November 24, 2024
The $300 billion pledge represents a significant acknowledgment of the disproportionate burden that poorer nations bear from climate change, despite having contributed the least to the crisis.
This funding will come from both government grants and private sector investments, helping countries shift from fossil fuel dependency to renewable energy sources.
Furthermore, there was a promise to triple funding for climate change preparedness, an area that has historically received only 40% of available resources.
In addition to the $300 billion, nations have agreed that $1.3 trillion ( £1.066 trillion) is needed by 2035 to help prevent climate change, reflecting the urgent need for action. With this year now projected to be the warmest on record, marked by intense heatwaves and deadly storms, the stakes have never been higher.
Although debates on fossil fuel reduction remain unresolved, the significant financial commitments and focus on climate adaptation and renewable energy underscore a growing global consensus for urgent action.
As the world grapples with intensifying climate impacts, COP29 serves as a reminder that collaborative efforts, backed by substantial resources, are essential to building a sustainable and equitable future for all.
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