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Andama Godfrey Isrealite

COP29: DELEGATIONS HOPE FOR MORE MONEY FLOWS IN THE FUTURE

It was a last-minute deal and a highly contentious one. On Sunday, countries at the COP29 climate summit agreed to provide $300 billion in annual climate finance by 2035. However, the amount is far short of what developing countries wanted. Experts estimate poorer nations will require $1 trillion in investment by that year to adapt to climate change. And rich countries will still need to respect these commitments. “Like any insurance policy, it only works if premiums are paid in full and on time. Promises must be kept to protect billions of lives.”

Developing countries have contributed the least to climate change but suffer the most. They need the money to wean themselves off coal, oil, and gas, adapt to future global warming, and pay for damage caused by climate change’s extreme weather. They say the money is woefully insufficient. “We find it deeply disappointing because the amount committed is meagre. It’s just $300 billion, and that too by 2035, which is woefully inadequate and very far away. It lets developed countries off the hook.”

To reach that amount, rich countries like China and South Korea, which are not included in the 1992 list of developed nations, are encouraged to contribute. “What we need to do now is to continue to move forward and find additional sources, such as international taxes and other ways of generating the resources that developing countries will need.” Brazil will host next year’s UN climate conference in Belem, the gateway to the Amazon River and the rainforest, which stores enormous amounts of planet-warming greenhouse gases.

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