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After tough negotiations, the countries of the world have adopted a new target for how much money the developing countries must have for their climate fight.
Before 2035, the amount must rise to at least 300 billion dollars – three times as much as right now – per year. This corresponds to DKK 2.1 trillion – or DKK 2.1 million million.
It was decided on the night of Sunday local time at the UN climate summit in Baku, Azerbaijan.
It is the rich countries, which make up a small circle in the UN system, since the definition is from the 90s, which must be at the forefront of mobilizing from public and private sources.
A declared goal for the EU countries and Denmark was therefore to expand the circle, and in the agreement the developing countries are also encouraged to contribute to achieving the goal.
But it is emphasized at the same time that nothing in the text changes the status that the countries have now, which means that rich countries such as China and Saudi Arabia do not have to pay.
It could potentially be even more money that the developing countries must have.
In the agreement, all countries are encouraged to cooperate in getting the total climate finance up to at least 1300 billion dollars per year, and a roadmap must be drawn up to make it happen.
It was the amount that the developing countries had demanded and that a report from an expert group under the UN during the summit mentioned as necessary.
But it is only an invitation.
Harsh words from NGOs
The agreement landed at 02:39 in Baku on Sunday night.
It is the culmination of a conflict-filled negotiation process in which the risk of a collapse without an agreement looked realistic for a long time.
Over the course of Saturday, the most vulnerable countries walked out of the negotiations amid major protests that the West’s offer was too small.
At the same time, the EU in particular was deeply dissatisfied with the fact that it seemed impossible to get a plan and time frame for new CO2 reductions adopted before the next climate summit.
The two problems had the potential to cause the summit to collapse.
But late at night the EU, the US, the group for the most climate-vulnerable countries and the island states managed to agree on a version.
It was carried forward to the rest of the summit with harsh words that it was a final bid.
A few hours later, the final agreement was reached, and it is largely based on the late alliance between the West and vulnerable countries.
Although the countries have reached the agreement in agreement, according to NGOs it is far from sufficient.
“The agreement is a failure. The target of 300 billion dollars in climate aid is far too low in relation to the need, and it will not be paid until 10 years from now – all while the climate crisis is escalating”, says John Nordbo, climate advisor at the NGO Care and long-time observer of climate summits.
In Mellemfolkeligt Samvirke, too, people are critical.
“COP29 ended with an agreement, but the price is a broken trust between the world’s poorest and richest countries, and a wasted opportunity to deliver a climate agreement that seriously ensures a green transition and the opportunity to deal with the new climate in the most exposed countries” , says Katrine Ehnhuus, senior advisor at Mellemfolkeligt Samvirke.
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Source: politiken.dk
