The $300 billion will go to developing countries who need the cash to wean themselves off coal, oil and gas.
United Nations adopted a deal to inject at least $300 billion annually in humanity’s fight against climate change, aimed at helping developing nations cope with the ravages of global warming in tense negotiations.climate talks
The $300 billion will go to developing countries who need the cash to wean themselves off the coal, oil and gas that causes the globe to overheat, adapt to future warming and pay for the damage caused by . It’s not near the full amount of $1.3 trillion that developing countries were asking for, but it’s three times a deal of $100 billion a year from 2009 that is expiring. Some delegations said this deal is headed in the right direction, with hopes that more money flows in the future.climate change’s extreme weather
But it was not quite the agreement by consensus that these meetings usually operate with and some developing nations were livid about being ignored.
COP29 President Mukhtar Babayev gaveled the deal into acceptance before any nation had a chance to speak. When they did they blasted him for being unfair to them, the deal for not being enough and the world’s rich nations for being too stingy.
However, Chandni Raina, a representative for India’s COP 29 delegation, slammed the deal.
“We are disappointed in the outcome which clearly brings out the unwillingness of the developed country parties to fulfil their responsibilities”, said Raina, according to Reuters.
She called it “nothing more than an optical illusion”, saying it “will not address the enormity of the challenge we all face. Therefore, we oppose the adoption of this document.”
United Nations Secretary-General António Guterres also indicated in a social media post disappointment in the outcome, saying that he “had hoped for a more ambitious outcome, on both finance and mitigation, to meet the great challenge we face.”
He said the agreement is a “base on which to build. It must be honored in full and on time. Commitments must quickly become cash.”
In a statement, President Biden called the deal a “historic outcome”, saying it “will help mobilize the level of finance – from all sources – that developing countries need to accelerate the transition to clean, sustainable economies, while opening up new markets for American-made electric vehicles, batteries, and other products.
