The latest outrage, however, is the sum that parties drafting the COP29 outcome text agreed to for wealthy countries to offer poorer countries to use to fight alleged climate change. As the U.N. news resource reported, COP29 drafters are hoping to come up with an amount of money for state parties to donate to poorer countries to meet a larger “global climate finance target” to prevent the alleged ongoing heating of the earth.
“This target, or new collective quantified goal (NCQG), is seen as one of the summit’s main deliverables. It will replace the existing $100 billion goal that is due to expire in 2025,” U.N. News
noted. As of Thursday, the parties had agreed to “at least $1.3 trillion” in funding by 2035, but no specifics on where that money would come from.
On Friday, Reuters reported that the latest draft of the agreement required industrialized nations to donate $250 billion a year to poor countries in the name of climate financing. The report did not clarify how the wealthiest nations would be identified, but listed the expected victims of the climate funding to be “the European Union, Australia, the United States, Britain, Japan, Norway, Canada, New Zealand and Switzerland.” Notably absent from the list is the world’s worst polluter and second-largest economy, China, which defines itself as a “developing” country despite its massive wealthy.
Reuters described not obligating “developing” countries to finance the plan and a guarantee that voluntarily donating towards the funding goal would not strip them of “developing” country status as a “red line” for China, as well as allied nations such as Brazil.
M Riaz Hamidullah, a Bangladesh foreign office official, told Reuters the current negotiations over the deal were “a bit like haggling in the fish market,” suggesting messy and aggressive deliberations.
Environmentalists and representatives at COP29 of underdeveloped nations erupted in outrage in response to the news that the contributions expected would be $250 billion a year.
“The proposed target to mobilise $250 billion per year by 2035 is totally unacceptable and inadequate to delivering the Paris Agreement,” Amb Ali Mohamed, Kenya’s Special Envoy for chair of the African Group of Negotiators, told the leftist British newspaper the Guardian. “$250 billion will lead to unacceptable loss of life in Africa and around the world, and imperils the future of our world.”
The Paris Agreement is a global document that imposes climate demands on countries party to the document. President-elect Donald Trump exited the Paris Agreement during his first tenure in office and outgoing President Joe Biden restored Washington’s commitments as part of the deal. Trump is expected to exit the agreement again when he returns to the White House in January, leading many at COP29 to approach the talks with concern that Biden’s enthusiasm for climate spending, and American funding, will soon evaporate.
The outlet EnviroNews Nigeria
collected incensed statements from a variety of prominent environmental groups who dismissed the $250 billion a year as “paltry” and “insulting.”
“We refuse to accept a hollow finance deal that betrays climate justice and mocks the polluter pays principle,” Fred Njehu, Pan-African Political Strategist, Greenpeace Africa, said in response to the draft. “To my African colleagues – this is our moment to stand united. No deal is better than a deal that condemns our continent to further climate devastation. Developed nations must pay their fair share now.”