Additional Coverage:
Climate Funding Deal Reached at COP29
At the recent COP29 climate conference, negotiators secured a deal for wealthy nations to provide developing countries with at least $300 billion annually for climate change mitigation and adaptation. However, the agreement falls short of the $1.3 trillion requested by developing nations.
Fossil Fuel Phase-Out Effort Faces Resistance
Efforts to reiterate the previous agreement to phase out fossil fuels faced pushback from oil-producing countries, led by Saudi Arabia. The host nation, Azerbaijan, also faced criticism for its heavy reliance on oil and gas.
New Climate Targets Announced
Some countries, including the United Kingdom and Brazil, announced new climate targets in Baku. The UK pledged to cut emissions by 81% by 2035, while Brazil plans to reduce emissions by two-thirds by 2035.
Carbon Market Rules Agreed Upon
Negotiators reached an agreement on rules for a global carbon credit trading system. However, concerns have been raised about the effectiveness of carbon credits in reducing emissions.
Health Funding Shortfall
Despite the recognition of climate change’s impact on health, the funding commitments made at COP29 fell short of what advocates and developing countries had requested. The World Bank has suggested that more funding is necessary to protect vulnerable populations from climate-related health risks.