Excerpt and featured photo from voanews.com
Anger and frustration from developing nations vulnerable to climate impacts are likely to linger following the conclusion of the climate change summit in Azerbaijan, COP29, as nations adopted a $300 billion global finance target to help poorer nations cope with climate change, a deal that many recipient nations slammed as severely insufficient.
Global North countries, often historic emitters responsible for global warming, agreed on Sunday to pledge $300 billion a year until 2035 for their developing counterparts to stave off the direst effects of climate change — less than a quarter of the acknowledged $1.3 trillion needed annually to reduce emissions and build resilience in vulnerable countries.
The $300 billion figure, also, is an increase by $200 billion each year, compared to the agreement in place since 2009, which is expiring.
Spirited disappointment and rage from Global South countries was expressed at the closing plenary, with some national representatives calling adoption of the new funding package “insulting.”