COP29 summit exposes funding shortfall in climate fight
Photo: $300 billion a year will be allocated to fight climate change (Getty Images)
On Sunday morning, November 24, participants at the COP29 climate summit reached an agreement. Wealthy nations will provide funding to combat climate change, but the amount remains insufficient, according to Politico.
The document emerged after several days of public and private disputes and debates among nearly 200 countries represented at the meeting near the Caspian Sea.
Notably, late Friday night, major economic powers — including the United States, the United Kingdom, the European Union, and China — argued over how and which countries would provide the funding. Following the discussions, major wealthy nations agreed to increase their offer from $250 billion.
As a result, the final agreement states that wealthy nations will commit at least $300 billion annually until 2035 to help poorer countries address climate change.
However, according to Politico, the $300 billion minimum is far short of the trillions of dollars poorer and vulnerable nations need to combat rising sea levels, as well as intensifying storms, droughts, and floods highlighted in multiple analyses.
Alternative ways to raise these funds exist, such as private capital and carbon credit trading, whose regulations were also finalized on Saturday. Nevertheless, representatives of poorer and vulnerable nations, including Malawi, the Marshall Islands, and the Maldives, stated that the funding is insufficient to meet their needs.
"We have seen the very worst of political opportunism here at this COP. We are leaving with a small portion of the funding climate-vulnerable countries urgently need. It isn’t nearly enough, but it’s a start," said Tina Stege, Climate Envoy of the Marshall Islands.
The financial agreement also comes with considerable uncertainty about the final amounts any wealthy country will contribute. This unfolds as President-elect Donald Trump, who has called climate change a hoax, prepares to take office in Washington.
Meanwhile, the European Union, already the largest donor bloc, expects to shoulder a larger share of the burden as US contributions decline.
Politico added that the agreement largely aligns with the expectations outlined in last week’s United Nations report.
