The Presidency of the United Nations Climate Change Conference (COP29) has announced in a final declaration that it has reached the commitment of annual financing by developed countries of $300 billion annually until 2035, for their developing partners, to alleviate the effects of the climate change.
The funding is intended to help developing countries improve climate protection and adapt to the devastating effects of global warming, such as more frequent droughts, storms and floods.
Industrialized nations have long mobilize more than $100 billion a year in climate aid. However, according to an independent group of UN experts, the need for external assistance now amounts to around $1 trillion per year until 2030, and even $1.3 trillion by 2035.
The agreement reached on Saturday at COP29 triples public funding allocated to alleviate the effects of global warming and climate change in developing countries.
The agreement was criticized by developing countries, which described it as insufficient, but UN climate chief Simon Stiell praised him as an insurance policy for humanity.
“It has been a difficult journey, but we have reached an agreement,” Stiell said after the agreement was adopted.
“This deal will keep the clean energy boom growing and protect billions of lives. “It will help all countries share in the enormous benefits of bold climate action: more jobs, stronger growth, cheaper and cleaner energy for all.”
“But like any insurance policy, it only works if premiums are paid in full and on time,” Steill stated.
The COP29 climate conference in Azerbaijan’s capital was due to end on Friday, but was extended while Negotiators from nearly 200 countries were struggling to reach consensus on the climate finance plan for the next decade.
More possibilities to combat climate change
The countries also agreed on Saturday night on the rules for a global market for buying and selling carbon credits which proponents say could mobilize billions more dollars in new projects to help combat global warming, from reforestation to the deployment of clean energy technologies.
Countries are seeking funding to meet the Paris Agreement’s goal of limiting global temperature rise to 1.5 degrees Celsius (2.7 F) above pre-industrial levels, beyond which catastrophic climate impacts could occur.
The world is currently on track to reach up to 3.1 C (5.6 F) of warming by the end of this centuryaccording to the UN 2024 emissions gap report, and global greenhouse gas emissions and fossil fuel use continue to rise.
Global warming disasters occur around the world
Climate problems are accumulating due to such extreme heat: Widespread flooding has killed thousands of people in Africa, deadly landslides have buried villages in Asia and droughts in South America have reduced river flows.
Developed countries are also affected by more intense natural disasters due to climate change.
Torrential rains caused flooding in Valencia, Spain, last month that left more than 200 dead, and the United States has recorded $24 billion in disasters so far this year.
Keep reading:
• Leaders call for global cooperation at the start of the COP 29 climate summit
• California voters allocate $10 billion to combat climate change
• “Only the people save the people”: the motto of rage and resilience that spreads in the devastated areas of Valencia