COP29 (29th United Nations Climate Change Conference) held in Baku, Azerbaijan, extended beyond the scheduled deadline this Friday (22.Nov.2024) and ended without reaching a consensus on climate finance.
The initial proposal, presented Friday morning (November 22, 2024), suggested that developed countries contribute US$250 billion annually by 2035 to support developing nations in tackling climate change.
The disagreement between developing countries, who demanded more assistance, and the wealthiest, who were reluctant to make a financial commitment, led to the agreement’s impasse.
Monterrey Gomez, on his X profile, said: “The $250 billion offered by developed countries is a spit in the face of vulnerable nations like mine. They offer crumbs while we carry the dead. Outrageous, evil, and ruthless.”
Countries considered to lead the funding included the European Union, Australia, the United States, the United Kingdom, Japan, Norway, Canada, New Zealand, and Switzerland.
The UN Climate Conference this year, COP29, is known as the “finance COP” because it is anticipated that delegates will approve a new funding target for developed nations to help developing nations reduce greenhouse gas emissions and address the growing impact of climate change. According to the United Nations.
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