Additional Coverage:
Wealthy Nations Pledge Record $300 Billion to Combat Climate Change
At the UN climate summit COP29 in Azerbaijan, wealthy countries have pledged a record $300 billion to help developing nations address climate change. However, the deal has been met with criticism for falling short of addressing the urgent challenges faced by poorer countries.
The agreement came after 33 hours of negotiations that nearly collapsed. Despite the pledge, the talks failed to advance a commitment to transition away from fossil fuels.
Developing Nations Express Frustration
Developing nations, particularly those vulnerable to climate change, walked out of the talks on Saturday, expressing disappointment with the insufficient funding and lack of action on fossil fuel reduction.
India, Canada, and Others Object to Weak Fossil Fuel Language
Several countries, including India, Switzerland, Canada, and Australia, protested the weak language in the agreement on reducing fossil fuel use. The decision was postponed until 2025.
More Money, but Still Insufficient
The $300 billion pledge is a recognition that poorer nations face a disproportionate burden from climate change while contributing the least to the problem. However, experts believe the amount is too small to address the scale of the crisis.
US Absence Complicates Global Efforts
The election of US President Donald Trump, a climate skeptic, has cast doubt on the US’s commitment to combating climate change. His potential withdrawal from the Paris Agreement could hinder global efforts.
UK Emphasizes Business Opportunities
UK Energy Secretary Ed Miliband stressed the potential for British businesses to invest in renewable energy projects in developing countries.
Azerbaijan’s Controversial Role
The choice of Azerbaijan to host the climate talks has been criticized due to its plans to expand gas production. Brazil is seen as a more suitable host for next year’s summit due to its commitment to environmental protection.