UN Summit Agrees $300 Billion Climate Deal
After tense negotiations, the UN's COP29 climate talks have adopted a deal to provide at least $300 billion annually for humanity's fight against climate change, aimed at helping developing nations cope with the impact of global warming.
The $300 billion will go to developing countries who need the cash to wean themselves off the coal, oil and gas that causes the world to overheat, adapt to future warming and pay for the damage caused by climate change's extreme weather.
The amount is not close to the $1.3 trillion that developing countries were asking for, but it's three times the current deal of $100 billion a year that will soon expire. Some delegations said the new deal is headed in the right direction, and hope that more money flows in the future.
But it was not quite the agreement by consensus that these meetings usually operate with and some developing nations were angry about being ignored.
COP29 President Mukhtar Babayev declared the deal accepted before any nation had a chance to speak. When they did, they criticized him for being unfair to them, the deal for not being enough and the world's rich nations for being too stingy.
"It's a paltry sum," India's negotiator Chandni Raina said. "I'm sorry to say we cannot accept it."
She told The Associated Press that she has lost faith in the United Nations system.
A long line of nations agreed with India.
"I'm disappointed. It's definitely below the benchmark that we have been fighting for for so long," said Juan Carlos Monterrey, of the Panama delegation.
"Our heart goes out to all those nations that feel like they were walked over," he said.
UN Secretary-General Antonio Guterres said in a post on X that he hoped for a "more ambitious outcome." But he said the agreement "provides a base on which to build."
Some countries also anticipate that this deal will send signals that help drive funding from other sources, like multilateral development banks and private sources.
With this deal wrapped up as crews take apart the temporary venue, many have eyes on next year's climate talks in Belem, Brazil.
After tense negotiations, the UN's COP29 climate talks have adopted a deal to provide at least $300 billion annually for humanity's fight against climate change, aimed at helping developing nations cope with the impact of global warming.
The $300 billion will go to developing countries who need the cash to wean themselves off the coal, oil and gas that causes the world to overheat, adapt to future warming and pay for the damage caused by climate change's extreme weather.
The amount is not close to the $1.3 trillion that developing countries were asking for, but it's three times the current deal of $100 billion a year that will soon expire. Some delegations said the new deal is headed in the right direction, and hope that more money flows in the future.
But it was not quite the agreement by consensus that these meetings usually operate with and some developing nations were angry about being ignored.
COP29 President Mukhtar Babayev declared the deal accepted before any nation had a chance to speak. When they did, they criticized him for being unfair to them, the deal for not being enough and the world's rich nations for being too stingy.
"It's a paltry sum," India's negotiator Chandni Raina said. "I'm sorry to say we cannot accept it."
She told The Associated Press that she has lost faith in the United Nations system.
A long line of nations agreed with India.
"I'm disappointed. It's definitely below the benchmark that we have been fighting for for so long," said Juan Carlos Monterrey, of the Panama delegation.
"Our heart goes out to all those nations that feel like they were walked over," he said.
UN Secretary-General Antonio Guterres said in a post on X that he hoped for a "more ambitious outcome." But he said the agreement "provides a base on which to build."
Some countries also anticipate that this deal will send signals that help drive funding from other sources, like multilateral development banks and private sources.
With this deal wrapped up as crews take apart the temporary venue, many have eyes on next year's climate talks in Belem, Brazil.
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Summary
UN Summit Adopts $300 Billion Climate Deal for Developing Countries: The agreement, falling short of the $1.3 trillion requested, will provide $300 billion annually to help combat climate change's impacts. Criticism from developing nations about the insufficient amount and lack of fairness in