By Alex Adi
As the 29th Conference of the Parties (COP29) concludes in Baku, Azerbaijan, a newly proposed finance deal has sparked mixed reactions among negotiators. The draft agreement makes a landmark commitment: wealthy nations would provide $250 billion annually to support vulnerable countries in addressing climate-related losses and damages and transitioning to renewable energy sources.
As the world strives to mobilize at least $1.3 trillion in climate finance by 2035, a newly proposed draft agreement has left key questions unanswered, notably the mechanisms for securing these funds. Against this backdrop, UN Secretary-General António Guterres, in his closing remarks, urged global leaders and negotiators to set aside their differences and forge a groundbreaking climate finance pact.
Warning of the devastating consequences of inaction, Secretary-General Guterres emphasized that the stakes are existential, and the world cannot afford to falter.
Despite progress on a finance deal, concerns persist among nations that the current agreement falls short in addressing the pressing need to phase out coal, oil, and gas – the primary drivers of global warming.
Building on the momentum of last year’s COP28 summit in Dubai, where world leaders issued a landmark call to transition away from fossil fuels, many countries are now pushing for more decisive action to accelerate this transition and mitigate the devastating impacts of climate change.
