At COP 29, world leaders strike $300bn deal for developing countries

After two weeks of intense negotiations, delegates at the United Nations climate summit in Baku, known as COP29, agreed late on Saturday to provide funding for developing countries to combat and adapt to climate change.

According to Deutsche Welle (DW), historically wealthy emitters offered climate finance worth $300 billion a year by 2035, far lower than developing countries hoped for.

The COP29 climate conference in Baku, Azerbaijan, was scheduled to end on Friday but extended as nearly 200 countries struggled to agree on a climate funding plan for the next decade.Read more

Frustrated by a lack of inclusion, delegates from developing and small island nations walked out, citing concerns that fossil fuel-producing countries were trying to weaken the agreement before a deal was later struck.

Included in the agreement was a broader goal of raising $1.3 trillion in climate finance annually by 2035.

This would include funding from both public and private sources, which economists say matches the sum needed every year to address global warming.

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The previous commitment to provide $100 billion a year in climate finance for poorer nations by 2020 was met two years late, in 2022, and had been due to expire in 2025.

Though an increase on the previous deal, the agreement was criticized by developing nations, who called it insufficient.

However, United Nations climate chief Simon Stiell said the agreement could be seen as an insurance policy for humanity.

“It has been a difficult journey, but we’ve delivered a deal,” he said after the agreement was adopted. “This deal will keep the clean energy boom growing and protect billions of lives.”

“It will help all countries to share in the huge benefits of bold climate action: more jobs, stronger growth, cheaper and cleaner energy for all. Like any insurance policy, it only works, if the premiums are paid in full, and on time.”

The UN Secretary General, Antonio Guterres said the agreement must lead to reality imminently.

“I had hoped for a more ambitious outcome,” he said. “But this agreement provides a base on which to build. It must be honoured in full and on time. Commitments must quickly become cash.”

By: Babajide Okeowo

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