COP29: The agreement fails developing countries’ struggle against climate change
24 November 2024 – The agreement on climate finance reached at COP29 failed to deliver on an ambitious and fit-for-purpose quantum to support developing countries in their existential fight against the devastating impacts of climate change.
Parties concluded with an agreement to provide at least $300 billion annually: while the deal triples the expiring $100 billion annual commitment made in 2009, it is a far cry from the $1.3 trillion annually in public funding that developing countries and civil society organisations have demanded. The figure, backed by scientific evidence, is needed to meet the scale of the climate crisis in developing nations, which bear a disproportionate burden from climate change, but also have historically contributed the least to climate change.
Parties did not build on the COP28’s commitment to phase out fossil fuels: the accord from last year’s talks in Dubai to “transition away from fossil fuels” was not strengthened and COP29’s final deal merely reiterated it.
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COP29: The agreement fails developing countries’ struggle against climate change
CARE’s Post-COP29 Press