At the 29th United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, developed countries agreed to provide $300 billion annually by 2035 to assist developing nations in addressing climate change impacts. This commitment aims to support these countries in transitioning away from fossil fuels, adapting to future climate impacts, and addressing damages from extreme weather events.
Despite this pledge, many developing nations, including India, have expressed dissatisfaction, arguing that the amount falls significantly short of the $1.3 trillion annually they deem necessary to effectively combat the climate crisis. India's representative, Chandni Raina, described the $300 billion commitment as a "paltry sum" and an "optical illusion" that fails to address the enormity of the challenge faced by developing countries.
The negotiations leading to this agreement were marked by intense debates and walkouts, with representatives from vulnerable small island states and least-developed countries expressing frustration over the perceived inadequacy of the financial support. The final agreement, reached after extended discussions, reflects a compromise that, while surpassing the previous $100 billion annual target set in 2009, still leaves many developing nations feeling underserved.
This outcome highlights the ongoing challenges in global climate negotiations, particularly regarding equitable financial support for developing nations disproportionately affected by climate change. The agreement sets the stage for further discussions and potential revisions in future climate talks, as the global community continues to grapple with the complexities of financing climate action.
