Developing Countries Scoff at Measly $300B Climate Deal at COP29

Whilst #ClimateAction would require trillions, climate activists could not hide their contempt and disenchantment at the stingy financial package on offer. After much talk at #COP29, the Parties only reached a compromise to provide a meagre USD 300 billion a year by 2035 for #ClimateFinance.

India led the charge with its delegate Chadni Raina lambasting the amount as ‘abysmally poor’ for a pressing global issue such as #ClimateChange. The Minister for Climate of Sierra Leone, one of the poorest countries in the world hard-hit by climatic disruptions, believed this low-ball figure clearly displays a ‘lack of goodwill’ from developed states.

As a Small Island State (SIS) threatened by rising seas caused by #GlobalWarning, the Marshall Islands expressed its dismay at the amount put on the table.

The developed countries, led by US and EU, would very much like large emerging countries like China to chip in more. The key argument is that China is currently one of the largest emitters of Greenhouse Gases (#GHG).

However, China only agreed to ‘voluntary contributions.’ Its climate envoy Zhao Yingmin puts the blame squarely on developed countries and pointed out historical cumulative emissions. China is pushing for a draft agreement known as the New Collective Quantified Goal (#NCQG) which it believes is fairer.

The Alliance of Small Island States (#ASIS), the Least Developed Countries (#LDC) and the African Group of Negotiators and other members of the #GlobalSouth all expressed deep disappointment with the deal.

The previous deal was at for USD 200 billion and even that was not attained. The target aims for at least USD 1.3 trillion annually, but it appears that the road to a clean and green future is fraught with pitfalls and challenges.