Wealthy Nations Pledge $300 Billion Annually in Climate Deal at COP29, but Developing Countries Deem it Insufficient

CGC News Reporter November 24, 2024

At COP29 in Baku, Azerbaijan, a new climate deal was reached on Saturday, with wealthier nations pledging to provide $300 billion annually by 2035 to help poorer countries address the impacts of climate change. This pledge is intended to support vulnerable nations in coping with extreme weather events and transitioning to clean energy. However, many developing countries expressed strong dissatisfaction, deeming the amount insufficient for the scale of the crisis. Economists suggest that $1.3 trillion is actually needed to support these nations adequately.

The deal was hard-fought, following over two weeks of contentious negotiations, marked by political divisions, boycotts, and protests from vulnerable nations. At one point, representatives from small island states and least-developed countries even walked out of the talks. Despite fears of failure, the agreement was finalized early Sunday morning, more than 30 hours after the deadline.

Simon Stiell, head of the United Nations Framework Convention on Climate Change, described the agreement as an “insurance policy for humanity” amidst worsening climate impacts, while Mukhtar Babayev, the president of COP29, hailed the deal as a success, despite initial doubts about Azerbaijan’s ability to deliver.

Despite the agreement, India’s representative, Chandni Raina, strongly criticized the $300 billion pledge as “paltry” and ineffective in addressing the climate crisis. Similarly, Tina Stege, the Marshall Islands’ climate envoy, condemned the talks for prioritizing political interests over meaningful action, accusing fossil fuel lobbies of obstructing progress.