ECONOMY SERVICE
Created Date: November 27, 2024 04:00
Developed countries have increased the amount of transformation funds they provide to developing countries to help them fight climate change. According to the decision taken at COP29, where the latest situation in global warming was discussed, rich countries promised to increase the transformation fund they provide to poorer countries from 100 billion dollars to 300 billion dollars annually. However, this amount was found to be insufficient. “I had hoped for a more ambitious outcome on both financing and emissions reductions to meet the huge challenge we face,” UN Secretary-General Antonio Guterres said.
The 29th Conference of the Parties to the United Nations Climate Change, commonly known as COP29, held this year in Baku, the capital of Azerbaijan, was marked by financing discussions.
The conference, where many important issues related to climate change were discussed, especially the latest situation in the fight against global warming and climate finance, was held between 11-24 November this year. Türkiye also had high-level participation in COP29, where approximately 76 thousand people from 196 countries participated. The two-week marathon meeting, called the ‘trillion dollar summit’, took place amid fierce debates from time to time. Rich countries, which bear retrospective responsibility for climate change, have promised to increase the transformation fund created for poorer countries to combat climate change to $300 billion annually. However, the underdeveloped countries participating in COP29 argued that 1.3 trillion dollars was needed.
FOUND INSUFFICIENT
It was noteworthy that developing countries reacted to the lack of financing of 300 billion dollars in question.
The group negotiating on behalf of African countries noted that the promised amount was ‘too little and too late’. While the UN statement pointed out that African countries were reacting to the agreement, it was stated that “Sierra Leone’s representative said that African countries were disappointed with the result and that this pointed out the lack of good will of developed countries.” The representative of India also described the amount as a ‘tiny amount’. Tina Stege, the representative of the Marshall Islands at COP29, emphasized that the agreement was not enough and said, “We are leaving with a small portion of the funding that climate-vulnerable countries urgently need.” UN Secretary General Antonio GuterresPointing out that the annual financing of $300 billion did not meet expectations, he said, “I was hoping for a more ambitious result on both financing and emission reduction to overcome the great challenge we face.”
TARGET OF 1.3 TRILLION DOLLARS IN 2035
Simon Stiell, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), also emphasized that countries could not achieve the results they desired as a result of the agreement and evaluated: “There is a lot of work to be done and we must double our efforts until COP30 to be held next year.”
An agreement was also reached at the conference to ensure that all actors work in cooperation to ensure that financing from public and private sources reaches 1.3 trillion dollars annually by 2035. Within the scope of almost 10 years of work at COP29 and the developments in the last two weeks, countries have taken the final steps and reached an agreement on how carbon markets will function within the scope of the Paris Agreement, and country-based trade and carbon credit mechanism have become fully functional.
‘1.2 BILLION PEOPLE MAY BE DISPLACED BY 2050’
World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus pointed out that up to 1.2 billion people could be displaced due to climate-related events by 2050.
Ghebreyesus, X’ten climate He shared about the effects of the change. Stating that “up to 1.2 billion people may be displaced due to climate-related events by 2050,” Ghebreyesus emphasized that the climate crisis is a health crisis that especially affects the health of immigrants. Ghebreyesus noted: “Therefore, the health of migrants must be monitored by the United Nations (BM) We request that it be included in the declaration at the 29th Conference of the Parties to the Framework Convention on Climate Change (COP29) and future COPs. “In a rapidly changing world, it is critical that we work together to ensure that everyone, everywhere, has access to the healthcare they need.”
Source: bigpara.hurriyet.com.tr
