Nearly 200 countries concluded the COP29 UN Climate Summit with a commitment to provide at least US$300 billion annually to developing nations by 2035 for climate disaster mitigation. While a significant increase from the previous agreement, this sum falls short of the US$1.3 trillion sought by poorer nations. Climate experts criticize the inadequacy of the funding compared to fossil fuel subsidies and the projected costs of climate change.
The final agreement requires developed countries to help poorer nations mitigate the impact of climate disasters through financing.
“So, we're paying huge amounts to dig up these fossil fuels and to emit them into the atmosphere, and we're prepared to only pay a very small proportion of that in terms of compensation for the damage that's done,” he told CNA938 on Monday .Paul Bledsoe, a former White House climate advisor, pointed out that climate change will cost the world trillions of dollars every year by 2035.
Poorer nations have said they have been left to their own devices to handle climate disasters like storms, floods and droughts. Bledsoe, who was climate advisor under former US president Bill Clinton, noted that 10 years after the Paris Agreement was adopted, the world has not met the treaty’s target of limiting the rise of global temperatures to 1.5 degrees Celsius above pre-industrial levels.
“That’s why, overall, our carbon dioxide emissions this year are likely to be the highest on record,” he warned.
Climate Change Climate Financing COP29 Developing Nations Climate Change Fossil Fuel Subsidies
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