COP29: Completed with annual pledge of $300 billion, but developing countries ‘angry’
UN climate negotiators ended their talks on Sunday morning local time with rich countries pledging to commit at least $300 billion a year to developing countries in the global fight against climate change. After about a fortnight of negotiations between the parties to the United Nations Climate Framework Convention (UNFCCC), it was agreed that developed countries will provide an amount of 300 billion dollars to developing countries every year.
Had demanded less one trillion dollars ($1000 billion) and they have termed the $300 billion agreement as an insult to them.Developing countries They say this amount will not provide them with the support they need to effectively combat the climate crisis. At the UN’s annual climate conference, rules for a UN-backed global carbon market were also agreed. The carbon market will facilitate the buying and selling of carbon credits, giving countries incentives to reduce their carbon emissions and invest resources in climate-friendly projects. COP29 also agreed that The total climate finance target will be increased to $1.3 trillion by 2035. ‘A much more ambitious outcome’ UN Secretary-General António Guterres, reacting to the news of the agreement, said that COP29 will commit to keeping the upper limit of 1.5 degrees. Some compromise was very important. “I had expected a much more ambitious outcome – on both finance and mitigation – to address the enormous challenges we face.” But this agreement provides a foundation on which to build: “On “The resolutions have to be implemented quickly and in a timely manner. All countries have to come together to ensure that this agreement is achieved.” Insurance policy for humanity Simon Steel, the UN Executive Secretary for Climate Change, has described the new finance agreement reached at COP29 as “an insurance policy for humanity”. This agreement will boost climate change and save billions of lives, helping all countries share in the huge benefits of bold climate action: more jobs, stronger growth for all. Affordable and clean energy. But like any other insurance policy, it will only work – if the premiums are paid on time and in full.” He acknowledged that neither country got what they wanted, and the world is returning from Baku with a task the size of a mountain.”Therefore, this is not the time to celebrate a victory. We must make all efforts with our eyes on the road to Belém. It is noteworthy that the COP30 conference of the year 2025 will be held in Belén, the eastern Amazon region of Brazil. India’s response: Indian representative Chandni Raina expressed her unhappiness over this agreement and said that in order to fulfill its responsibilities, developed countries will have to Reluctance is visible. Chandni Raina said, “I am extremely sorry to say that this document is nothing but an optical illusion. Is. In our view, this document will not address the vast range of challenges we face. Therefore, we oppose the passage of this document.”
