“Twenty-five years ago people could be excused for not knowing much, or doing much, about climate change. Today we have no excuse.“ – Desmond Tutu
The journey to the $300 billion annual climate funding agreement began with the previous commitment by wealthy countries to provide $100 billion per year, a target originally set for 2020 but was not met until 2022. Developing countries had demanded more than $1 trillion per year to meet their climate goals and protect their societies from extreme weather conditions. Recently, the Philippines was devastated by six major storms in just a month, resulting in catastrophic damage to homes, infrastructure, and farmland. This highlights the urgent need for climate action. At the 29th Conference of the Parties in Baku, Azerbaijan, approximately 200 countries agreed to provide $300 billion in funding annually to help developing nations tackle climate change. The $300 billion annual climate funding will be allocated towards several key areas. For starters, it will support developing countries in transitioning to clean energy sources, such as wind and solar power, making them avoid fossil fuels. This includes building the necessary infrastructure to deploy these technologies on a large scale. The funds will also be used to help communities affected by extreme weather conditions such as floods, typhoons, and fires. In Addition, the funds will support leaders in developing countries to enhance their emergency plans and provide aid in the aftermath of disasters. Although many people believe that this deal marks a significant step ahead, many delegates, especially from developing nations, are disappointed, arguing that it falls short of what’s truly needed to combat the growing climate crisis. Critics also argued that much of the financial aid will likely come as loans, potentially compounding the economic difficulties of nations already grappling with financial instability. The United Nations climate chief, Simon Stiell, hailed the agreement as “an insurance policy for humanity,” but cautioned that its success relies on full and timely payments (Nations at COP29 agree to $300 billion per year climate funding deal. Here’s what to know, 2024, PBS).
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