Published 24 November 2024 at 08:17
Foreign. 300 billion dollars – equivalent to 3,300 Swedish kronor. That’s how much the developed part of will give in annual contribution to developing countries until 2035, according to an agreement at the climate summit in Baku last night.
After intense negotiations and threats of collapse, the COP29 climate meeting in Baku finally managed to reach an agreement on climate finance.
The agreement means that from 2035 the developed world will contribute 300 billion dollars annually to help developing countries reduce their emissions and adapt to so-called climate change.
Despite the success, the agreement was met with criticism from several Third World countries, including Cuba and India, who demanded even more money from the West. The negotiations were marked by tensions, especially after groups representing small island states and the least developed countries temporarily left the meeting in protest at earlier proposals.
Negotiations resumed after a longer break with COP29 President Mukhtar Babayev urging delegates to work harder for a breakthrough.
– We know that the eyes of the whole world are on us, and time is running out, Babayev said during a plenary session late on Saturday evening, according to Euronews.
In the end, negotiations on the new financial goal, known as NCQG (New Collective Quantified Goal), were completed in the early hours of Sunday morning. The previous funding target of $100 billion per year is now replaced with the higher amount, although it fell short of the $500 billion that many developing countries demanded.
Source: www.friatider.se
