BAKU, Azerbaijan, Nov 24, CMC – The United Nations Climate Change Executive Secretary, Simon Stiell, has described the new finance goal agreed at the Conference of Parties (COP 29) to the UN Framework Convention on Climate Change (UNFCC) as “an insurance policy for humanity.
“This deal will keep the clean energy boom growing and protect billions of lives. It will help all countries to share in the huge benefits of bold climate action: more jobs, stronger growth, cheaper and cleaner energy for all. But like any insurance policy – it only works – if the premiums are paid in full, and on time.”
Rich nations pledged to contribute at least US$300 billion annually to the global fight against climate change as UN climate talks came to a contentious end early Sunday.
But developing countries including those in the Caribbean, had sought over one trillion dollars in assistance, called the agreement an “insult” and argued it did not give them the vital resources they required to truly address the complexities of the climate crisis.
After two weeks of intense negotiations, delegates at COP 29 agreed to provide this funding annually, with an overall climate financing target to reach “at least US$1.3 trillion by 2035”.
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CMC/2024