At the stroke of midnight on Sunday, the UN Climate Change Conference, or COP29, wrapped up with a bang—or maybe a whisper? Developed countries agreed to pump at least $300 billion annually by 2035 into combating climate change. Sounds huge, right? But here's the catch: many developing nations are feeling left out in the cold. 🥶
This $300 billion fund is aimed at helping developing countries switch to renewable energy, adapt to a warming planet, and cover the damage caused by climate disasters. Think of it as a climate justice fund. But while $300 billion is triple the current $100 billion deal (which is set to expire in 2025), it's just a drop in the ocean compared to the $1.3 trillion that developing nations say they really need. 🌊💧
\"Is this enough to keep global warming below 1.5°C?\" many are asking. The world is currently on a trajectory toward a scorching 3.1°C increase by the end of the century, according to the 2024 UN Emissions Gap Report. Yikes! 😱
Developing countries are expressing frustration. They argue that while they've contributed the least to the problem, they're bearing the brunt of the impacts—rising seas, extreme weather, you name it. 🌪️🌊
So, while the $300 billion pledge is a step forward, the marathon to climate justice continues. Will the world rise to the challenge? Only time will tell. ⏳
Reference(s):
COP29: $300b in climate finance approved, some left disappointed
cgtn.com
