Climate Finance Secured at COP29, But Ambition Falls Short

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COP29,Climate Finance,Fossil Fuels

Despite nearly collapsing, the COP29 summit secured a last-minute commitment for $300 billion in climate finance annually for developing countries. However, critics lament the lack of progress on transitioning away from fossil fuels and the limited ambition compared to the urgent need to address climate change.

The summit was close to failure, but secured a last-minute dal of climate finance for developing countriesfor developing countries increasingly damaged by extreme weather events. It was perilously close to failure, which would have come at the wrong time geopolitically and undermined multilateralism more widely, as well as threatening climate action.

Alarm about his re-election was overtaken by a foreboding sense that many sympathetic to Trump’s views were surfacing within Cop29 negotiating rooms. The absence of many global leaders, including those from many major countries who are the biggest emitters, added to the gloom.

 

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