At the UN Climate Change Conference COP29, delegates set a new framework for climate finance: developed countries agreed to guarantee $300 billion a year until 2035 to developing countries.
This was reported by Euronews.
The agreed amount is much less than what developing countries had asked for, so many of their delegates expressed their dissatisfaction. For example, India raised strong objections to the agreement during the negotiations. Indian delegate Chandni Raina also complained that the COP29 chairman ignored their request to speak before the agreement was adopted.
According to DW, representatives of other countries also reported that their requests to speak were ignored. The publication said that the representative of Nigeria called $300 billion in financial aid from industrialized countries a “joke” and an “insult.” A representative of Bolivia said that developing countries have been “abandoned” with their problems due to the climate crisis.
Other delegates are happy that a compromise has been reached against all odds. They hope that this amount will become the foundation for achieving the financial goal that experts believe is needed – $1.3 trillion a year.
UN Climate Change Executive Secretary Simon Stiell called the agreement “an insurance policy for humanity.”
"Like any insurance policy, it only works if premiums are paid in full and on time. Promises must be kept to protect billions of lives," he said.
The reason for such a warning was that the previous funding goal of $100 billion was achieved 2 years late.
European Climate Commissioner Wopke Høkstra said at the final plenary session of the Conference of the Parties that the COP29 resolution was the start of a "new era in climate finance". He also raised the issue of reducing emissions. The official believes that there is some progress in it as well.
"We managed to keep Dubai [results of COP28 in Dubai – ed.] and take a few steps forward. It's less than we would have liked, but better than we feared," Hoekstra noted.
The Minister of Environmental Protection and Natural Resources Svitlana Grynchuk spoke about the results of the UN climate summit for Ukraine on Facebook.
She reported that our country will receive funds for the implementation of its climate plans and projects, will be able to attract additional investments within the framework of Article 6 of the Paris Agreement, as well as participate in financing from international financial institutions for green energy, green recovery and adaptation to climate change.
As EcoPolitic previously reported, in the first week of COP29, countries failed to agree on climate finance. We also wrote that Nobel laureate and environmental activist Al Gore called for reforming the climate process at the COP.
