Countries approved on Saturday (Nov 23) financing of US$ 300 billion annually to help poorer nations face climate change
The UN (United Nations) António Guterres expressed his disappointment and concern with what was signed at COP29, the 29th United Nations Conference on Climate Change, held in Baku, Azerbaijan.
In (PDF – 168 kB) released on Saturday (Nov 23, 2024), Guterres stated that “I expected a more ambitious result – both in financial and mitigation terms”. Despite this, he declared that the approved text is a “base” to later reach a more advanced agreement.
After weeks of negotiations, the final agreement determines financing, to be contributed by the most developed nations, at least until 2035, to carry out green transition projects and mitigate the effects of global warming.
The new agreement exceeds the value of US$ 100 billion planned for the period from 2020 to 2025, but does not come close to what was requested by developing countries and the UN itself, of around US$ 1.3 trillion annually.
One of the main criticisms of climate summits is the lack of practical results. For this reason, in the statement, Guterres also demanded agility from countries in transferring resources: “Commitments must be quickly converted into cash. All countries must come together to ensure that the ultimate objective of this new target is met.”these.
The UN Secretary-General also called on nations to present their climate action plans “well before COP30”which in 2025. According to the UN leader, 2024 was “a brutal year”characterized by record temperatures and climate disasters, while greenhouse gas emissions continue to increase.
“The end of the fossil fuel era is an inevitable economic factor. New national plans should accelerate change [para fontes limpas de energia] and help ensure this is carried out fairly.”he stated.
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