The conclusion of the UN COP29 climate summit has drawn criticism from several developing nations, as a finance package pledged by wealthy countries is being viewed as insufficient. The summit, held in Baku, almost collapsed twice due to intense negotiations. Talks were salvaged when poorer countries reluctantly accepted a promise of “at least” $300 billion annually, despite deep reservations.
Concerns over global budget constraints and the election of Donald Trump, who has termed climate change a “hoax,” contributed to the acceptance of the package in the early hours of Sunday. However, this did not come without protest. India’s delegation, led by Neelesh Shah, expressed significant disappointment, labeling the agreement as “stage-managed” and “a paltry sum.” Chandni Raina, another member, emphasized the need for greater ambition from developed nations, calling the agreement “nothing more than an optical illusion.”
Objections were echoed by Bolivia, Chile, and Nigeria, while smaller nations including Malawi, Fiji, and the Maldives, also voiced grievances. COP29 President Mukhtar Babayev responded by acknowledging their statements.
Simon Stiell, head of the UN climate change arm, described the funding goal as an “insurance policy for humanity,” in response to escalating climate impacts worldwide. Nevertheless, he cautioned against considering it a victory. Echoing the need for significant financial mobilization, European Union climate commissioner Wopke Hoekstra assured the concerned nations of reaching the $1.3 trillion goal identified by economists necessary for transitioning to green energy.
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