Developing countries most vulnerable to climate change are angered by a new document released at COP29 on Friday that says developed countries will have to pay $250 billion a year until 2035 to fight climate change. There is.
Developing countries most vulnerable to climate change are angered by a new document released at COP29 on Friday that says developed countries will have to pay $250 billion a year until 2035 to fight climate change. However, the amount is considered too small.
The document, released hours before the end of the climate conference, said funding would be used to support “meaningful and ambitious mitigation and adaptation measures, as well as a wide range of public-private, bilateral and multilateral It will be raised from sources.” …Recognizes the parties' voluntary intention to count all outflows from and resources mobilized by multilateral development banks towards achieving the goals;
The report states that developing countries need between $5.1 trillion and $6.8 trillion in nationally determined contributions by 2030 to combat climate change, with adaptation financing needs of $2,150 trillion per year by 2030. It is estimated to be between $100 million and $387 billion.
The document suggests that funding should come from developed and developing countries, and calls for “additional contributions from developing country parties, including South-South cooperation.”
African countries are seeking $1.3 trillion in climate finance, largely provided in the form of grants, but the numbers cited in Friday's text fall far short of that.
Jasper Inventer, who led the Greenpeace delegation at COP29, said the amount was “inadequate, divorced from the reality of climate impacts and prohibitively short of the needs of developing countries.” Ta.
“Developed countries need to read the situation and understand the desperation and urgent need for assistance. Strong public finances will bring hope, but the needs far exceed these planned proposals.” he said.
“But when developed countries are hesitant or deliberately hesitant to provide more money, it means that oil and gas companies that pollute the environment are making billions of dollars. Let's not forget that making polluters pay is a surefire way to fill funding gaps and ease domestic pressure, but it's disappointing to see this removed from the text.
The Global Campaign for Climate Justice criticized the carbon market agreed during COP negotiations, saying trillions of dollars are needed to make the conference a success.
“We reiterate our rejection of the carbon market agreement. [Article 6.4]They have proven ineffective in mitigation and are exacerbating the climate crisis and rights violations in the Global South.”
Ali Mohamed, chairman of the African Group of Negotiators, said the proposed goal of mobilizing $250 billion a year by 2035 is “totally unacceptable and insufficient to implement the Paris Agreement.”
“The Adaptation Gap Report alone states that the amount needed for adaptation is $400 billion. $250 billion would result in an unacceptable loss of life in Africa and around the world, putting the future of the world at risk. This is unacceptable,” Mohamed said.
Fadel Kabubu, senior advisor at PowerShift Africa, suggested that developing countries should leave the conference.
“What the Global North is delivering is not just a joke, it is an insult to all the delegations attending COP29 and symbolizes how serious they are about the climate crisis. Let's remember that after the costly World War II and Great Depression, only the United States gave away the equivalent of $1.3 trillion in today's money through the Marshall Plan,” Kaboub said.
“I call on all delegations from the Global South to stand strong, be united, be resolute and be ready to walk away if necessary. There is no better deal than a bad deal. History If the global minority of polluters does not take their responsibilities seriously, we will begin to restrict access to strategic minerals and markets, and we will do our part to save the planet for all of humanity. We may need to start leveraging our collective economic weight.”
Tasneem Essop agreed, saying the latest draft of new joint quantitative targets is “an insult to the billions of people in the Global South who live on the front lines of the climate crisis”.
“$250 billion a year in public finances is peanuts, doubling the unmet $100 billion target instead of addressing real needs. We shouldn't carry the burden of not letting it happen. There's no better deal than a bad deal, but it's not over yet. We're angry, but we'll keep fighting to the end,” she said.
