Climate Finance Deal Falls Short of Developing Countries' Demands

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From November to December, leaders and negotiators went to Azerbaijan to decide on a new climate finance deal. In South Korea, countries attempted to cement a deal on how to address plastic pollution. In the Netherlands, nations once again came together to argue on the legal obligation to fight climate change.

La Viña, who was a former lead negotiator at the COP for the Philippines, said the process is cyclical. One year there’s no deal or it’s not enough. Another year the world strikes gold. He said that what happened in Baku meant “staying put” or maintaining the status quo. The negotiations in Busan, South Korea, held at the heels of COP29, was supposed to be the last of the talks in a series of sessions thatWhat delegates expected was that by the end of 2024 there should have been an ambitious deal that is as historic as the 2015 Paris Agreement. It was to be a legally binding agreement that covers the full life-cycle of plastic.

“This extension of INC-5 is important for achieving a strong treaty, but this delay is a reminder that a few ‘like-minded’ countries have prioritized the fossil fuel and petrochemical industries over a safe, sustainable future,” said Steve Trent, EJN’s founder, in a statement on December 2. It should be well remembered that this was a question first raised by young students from Pacific island nations. .

Rich nations argued that the basis of climate obligations is the Paris Agreement, which mandates countries to set emission reduction targets, but does not legally bind them to meet these.

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