Developed Nations Agree on $300 Billion Climate Finance Pledge Despite Disappointment From Poor Countries
In a dramatic finale, nearly 200 nations gathered in Azerbaijan for the UN climate talks, where finance for poor countries was top of the agenda. The two-week negotiations resulted in an accord that commits developed nations to pay at least $300 billion per year by 2035 to help developing countries transition to green economies and prepare for worse disasters.
However, the deal has been met with disappointment from many poor countries, who had demanded much more financial support to address the vast challenges caused by climate change. India, Sierra Leone, and other Least Developed Countries expressed strong dissatisfaction with the pact, accusing developed nations of lacking goodwill and failing to meet even the baseline expectations set for them.
"We are extremely disappointed in the outcome," said Clarence Giwoh Abdulai, Sierra Leone's climate minister. "This shows a lack of goodwill from developed nations."
Tina Stege, climate envoy for the Marshall Islands, described the deal as "not nearly enough" and vowed to return home with only a small portion of what she fought for.
The Alliance of Small Island States, the Least Developed Countries, and the African Group of Negotiators all expressed disappointment with the agreement. The United States, Japan, and other European Union members were criticized for playing down expectations and resisting pressure from developing nations to increase funding support.
Despite the backlash, many countries hailed the deal as a major achievement, saying it marked an important step forward in addressing climate finance. European Climate Envoy Wopke Hoekstra described COP29 as "the start of a new era for climate finance."
However, experts welcomed by the United Nations had estimated that developed countries should be providing at least $390 billion by 2035 to meet the needs of developing countries.
"It's a paltry sum," said India delegate Chandni Raina. "This document is little more than an optical illusion. This will not address the enormity of the challenge we all face."
The lack of ambition in the deal has raised concerns about its effectiveness in addressing global warming and the devastating consequences it poses to developing countries.
UN Secretary-General Antonio Guterres had hoped for a more ambitious outcome, stating that "no country got everything they wanted" in the agreement. However, he appealed to governments to see this as a base to build upon.
As the deal takes effect, the international community is grappling with the next steps to address climate finance and meet the demands of developing countries. The United States continues to take a hardline stance on climate change, while other Western countries face internal opposition from right-wing groups.
The developed nations' pledge of $300 billion per year by 2035 will be crucial in helping developing countries address global warming challenges, but many experts say it is insufficient and will only lead to disappointment if not increased further in the coming years.