By Enyichukwu Enemanna
Delegates at the UN climate summit in Baku, Azerbaijan’s capital, known as COP29, on Saturday agreed to provide funding, amounting to the sum of $300bn a year by 2035 for developing countries to combat and adapt to climate change.
Developing nations have however criticized the offer, saying it’s insufficient and falls short of their expectations.
Also included in the agreement was a broader goal of raising $1.3 trillion in climate finance annually by 2035.
This would include funding from both public and private sources, which economists say matches the sum needed every year to address global warming.
The COP29 climate conference in Baku was earlier meant to come to an end on Friday but was extended as nearly 200 countries had difficulty to agree on a climate funding plan for the next decade.
Frustrated by what they see as lack of inclusion, delegates from developing and small island nations staged a walkout, citing concerns that fossil fuel-producing countries and largest emitters were trying to weaken the agreement.
The previous commitment to provide $100 billion a year in climate finance for developing nations by 2020 was only met two years late, in 2022, and is due to expire in 2025.
The latest deal, though an increase on the previous deal, the agreement has attracted criticism from developing nations, who called it insufficient.
United Nations climate chief Simon Stiell said the agreement could be seen as an insurance policy for humanity.
“It has been a difficult journey, but we’ve delivered a deal,” he said after the agreement was adopted. “This deal will keep the clean energy boom growing and protect billions of lives.”
She added, “It will help all countries to share in the huge benefits of bold climate action: more jobs, stronger growth, cheaper and cleaner energy for all. Like any insurance policy, it only works, if the premiums are paid in full, and on time.”
Germany’s Foreign Minister Annalena Baerbock in a statement on social media platform X, formerly Twitter, following the agreement acknowledged that resistance to meeting the issues of climate change had been fought back during COP 29.
“Yes, our agreement here tonight is not enough, due to resistance from a few,” she wrote. “Those who have come here to prevent progress and prevent more climate justice and to weaken our multilateral UN system altogether, have failed – badly.”
Bearbock also added that the most vulnerable nations were not being abandoned and the $300 billion a year agreement was just a starting point.
India’s representative Chandni Raina said the Asian country rejected the figure which attracted applause from some countries, adding: “We are disappointed in the outcome which clearly brings out the unwillingness of the developed country parties to fulfill their responsibilities.”
“I regret to say that this document is nothing more than an optical illusion. This, in our opinion, will not address the enormity of the challenge we all face. Therefore, we oppose the adoption of this document.”
Also, Evans Njewa, a Malawian diplomat and chair of the Least Developed Countries bloc said: “This goal is not what we expected to get. After some years of discussions, it is not ambitious to us.”
Developing nations have been seeking financing to deliver on the Paris Agreement goal of limiting global temperature rise to 1.5 °C above pre-industrial levels, beyond which catastrophic climate impacts could be recorded.
