COP29 Climate Summit continues with decisions on financing pending, with blocked negotiations and lengthening discussion deadlines know how much money should be mobilized for developing countries.
The latest financial project, known in the early hours of this Friday, marks the objective of mobilize at least $1.3 trillion per year in climate finance for developing countries by 2035, from all public and private sources. In addition, he indicates that developed countries “will take the initiative” to provide 250 billion.
Public and private sources
These 250 billion dollars will come from developed countries. According to the text, the funds will come from “all public and private sources“. On the other hand, it invites developing countries to make additional contributions.
This financial objective is the New Quantified Collective Objective, element of the Paris Agreement designed to set a financial target to support developing countries in their climate actions between 2025 and 2035.
Geopolitical divisions
The Secretary General of the UN, Antonio Guterresonce again insisted on calling for “international cooperation, centered on the Paris Agreement”, during the last day of the Climate Summit, while negotiations continue.
“Between geopolitical divisions, the world needs countries to come together at COP29 to achieve climate justice and bring us closer to guaranteeing a decent world for all humanity”, he said through the social network ‘X’.
International cooperation – focused on #ParisAgreement – is essential for #ClimateAction.
Amid geopolitical divisions, the world needs countries to come together to #COP29 to ensure climate justice and bring us closer to guaranteeing a decent world for all humanity. pic.twitter.com/HM78Hb9r2D
– António Guterres (@antonioguterres) November 22, 2024
Insufficient and unsuitable
Ecologists in Action, SEO/BirdLife and Greenpeace opposed this project and called it “completely inadequate”, “perhaps worse”, “laughable” and “inadequate”.
Spanish environmental and social organizations present at the Climate Summit in Azerbaijan demanded an agreement for rich countries to commit dedicate one trillion public dollars per year until 2030 to climate action.
ridiculous number
They regret, in a joint declaration, that “the rich countries have only put on the table the ridiculous figure to provide and mobilize 250 billion dollars per year», emphasizing that this figure “will be immovable in the next 10 years, since these financing commitments will only be reviewed in 2035” if the current project is maintained.
“This number does not represent any increase compared to the current collective objectiveapproved in 2009, of 100 billion dollars per year between 2020 and 2025″, warn Ecodes, Ecologistas en Acción, Greenpeace, Juventud por el Clima, Observatori del Deute en la Globalització, SEO/BirdLife and UGT.
A billion a year
According to his estimates, Countries would need $5-6.9 trillion by 2030 to be able to meet its climate commitments, or “around one billion per year”.
Furthermore, the organizations criticize that the current COP29 Climate Summit project “does not offer any type of guarantee to poor countries», emphasizing that 130 countries of the South are in a “minimum critical” situation due to the effects of debt.
“Any agreement which does not oblige the countries of the North to provide sufficient and predictable public funding to the countries of the South is a negative result of this summit”, they affirm, adding that “the European Union must act immediately and effectively” to reach an “ambitious” agreement.
