$300 billion pledge at COP29 climate summit a “paltry sum”
The world’s most important climate talks were pulled back from the brink of collapse after poorer countries reluctantly accepted a finance package of “at least” $300 billion a year from wealthy nations after bitter negotiations.
Fears about stretched budgets around the world and the election of Donald Trump as US president, who has described climate change as a “hoax,” drove the developing countries into acceptance of the slightly improved package after Sunday 2:30 am local time in Baku.
The UN COP29 climate summit almost collapsed twice throughout Saturday evening and into the early hours of Sunday morning, as vulnerable nations walked out of negotiations and India objected stridently.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”