COP29 concluded with a climate finance agreement where developed countries committed to mobilizing at least $300 billion by 2035 to assist developing nations. However, many countries expressed disappointment with the outcome, perceiving it as insufficient. Developed nations hailed the deal as a positive step forward in climate finance, ahead of upcoming reviews in 2028 and 2030.
The COP29 climate summit concluded in Baku with an agreement on international climate financing, albeit after a delay of over 32 hours. Countries agreed on a target to mobilize at least $300 billion by 2035 from developed nations, which is part of a broader commitment to allocate $1.3 trillion to assist developing nations in lowering greenhouse gas emissions and adapting to climate impacts. Despite this advancement, many developing countries expressed disappointment, citing a need for more substantial contributions from wealthier nations.
The UN climate summit COP29 aimed to address the critical issue of climate finance, which is essential for supporting developing countries in their efforts to combat climate change. The previous commitment from COP15 in 2009 stipulated a target of $100 billion by 2020; however, this agreement was not fully realized. The new accord at COP29 is considered a significant milestone, intending to enhance financial support to developing nations against the backdrop of increasing climate-related challenges.
In summary, while COP29 resulted in a significant agreement on international climate finance, the outcome fell short of expectations for many developing countries. The pledged funds, targeting an ambitious $1.3 trillion by 2035, are welcomed, yet the perceived inadequacy of contributions from developed nations has sparked considerable criticism. Future summits will be crucial for evaluating and potentially augmenting these financial commitments.
Original Source: www.belganewsagency.eu
