The clock is starting to run down here at COP29 in Baku. The UN climate summit’s final official day is Friday and, even assuming the event follows tradition by running over well into the weekend, there is not much time left for nations to reach a deal on the critical global climate finance target. Under the Paris Agreement, nations are obliged to agree on the so-called New Collective Quantified Goal at this conference.
COP29 delegates are working “to extract trillions of pounds in climate reparations from poor people in rich countries to send to rich people in poor countries”, claimed a columnist in the UK’s right-leaning Telegraph newspaper last week. But as the people of Valencia can attest, the costs of climate change are already falling on rich countries, and are set to rise steeply. That means money invested today to reduce carbon emissions anywhere in the world will reap long-term benefits.
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