COP29: economic aid to developing countries for the climate increases to 300 billion dollars (but not enough)

After two weeks of negotiations, yesterday November 23rd at COP29 of Baku was reached a agreement in some ways historical: from 100 billion dollars of climate economic aid aimed at developing countries (provided for by the Paris Agreement), we will arrive at 300 by 2035.

COP29 was supposed to end on November 22, but the agreement had not been reached, leaving those who were hoping for something more decisive and concrete perplexed, if not embittered.

The 29th Climate Conference was held in Azerbaijanfor the second consecutive time in a country economically based mainly on oil and other fossil fuels (last year, as we know, it was held in the United Arab Emirates). And this alone does not bode well for the future.

The draft agreement circulated in recent days, then, had really made us lose all hope, by not reporting no mention of reducing the use of oil, gas and coalthe main causes of global warming.

What does the agreement reached in Baku establish?

As reported on the official COP29 website, the Baku Finance Goal sets a new global goal: $1.3 trillion in climate finance to developing countries by 2035: This implies a new basic financial goal of 300 billion dollars which triples the previous target of 100 billion dollars decided in Paris in 2015.

The agreement also represents a increase of 50 billion dollars compared to the previous draft text, with particular attention to support for least developed countries and small island developing states, with provisions on accessibility and transparency.

According to the Presidency, it marks a fundamental step in the implementation of the means necessary to truly achieve the containment of global temperature rise within 1.5 °C.

The COP Presidency is obviously enthusiastic.

When the world arrived in Baku, people doubted whether Azerbaijan could keep its promises – comments Mukhtar Babayev, President of the Climate Conference – They doubted whether everyone could agree. They were wrong on both counts. With this breakthrough, the Baku Finance Goal will transform billions into trillions over the next decade. We have tripled the climate finance target for developing countries every year

What do developing countries think?

However, those who should really benefit from the aid are not exactly of the same opinion.

I’m sorry – writes saddened Mohamed Adow, Director of the PowerShftAfrica think tank – poor countries have been held hostage in Baku and for the climate. All they received was a paper check for 2035. Being forced to accept a bad deal for the sake of “multilateralism” is not something to rejoice about

The reference is clearly to promises that may not even be kept, but above all to one urgent situation that he would have need support now.

The outcome offers false hope to those already bearing the brunt of climate disasters and abandons vulnerable communities and nations, leaving them to face these immense challenges alone – echoes climate activist Harjeet Singh, Director of FossilTreaty – We must persist in our struggle, asking for a significant increase in funding and holding developed countries to account for delivering real, impactful actions

And meanwhile i financing for fossil fuelsfar from being abandoned, continue.

The text of the agreement is available here link.

Sources: COP29 / COP29 Azerbaijan /X / Mohamed Adow/X / Harjeet Singh/X