COP29, the United Nations annual climate summit, concluded over the weekend with an agreement obligating wealthy nations to invest $300 billion yearly in climate finance for the next decade. Environmental activists were outraged, dismissing the amount as extremely inadequate. This $300 billion commitment marked a $50 billion increase from what wealthier nations were proposing as of Friday, although some climate activists had hoped for a commitment of up to $1 trillion.
Amb Ali Mohamed, Kenya’s Special Envoy for the chair of the African Group of Negotiators, criticized the proposed $250 billion yearly target as unacceptable and inadequate to fulfill the Paris Agreement. Tasneem Essop, the head of the Climate Action Network International, called the $250 billion per year in public finance a joke, describing it as peanuts compared to the real needs of developing countries. Reports from the summit, hosted by Azerbaijan, a major fossil fuel producer, described a bitter and disappointed contingent of activists, with some countries walking out of talks and conference rooms running out of food, leaving diplomats irritated
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