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COP29 ended in controversy: Why does the $300 billion annual climate financing agreement make everyone dissatisfied?
Lasting for 14 days, the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) ended on November 24. Developed countries agreed to provide developing countries with at least US$300 billion in climate financing every year by 2035. However, developing countries Still dissatisfied with the resolution, pointing out that the amount does not fully take into account inflation and that the amount of financing is negligible compared to the funds needed to move to a low-carbon economy and adjust infrastructure accordingly (estimated at $1.3 trillion per year), but wealthy The state said it has provided maximum assistance. COP29 can be said to be full of disagreements, and Trump’s imminent coming to power will cast more shadows on the future of climate negotiations.
The 2024 COP29 will be held in Baku, the capital of Azerbaijan. The start date of the conference is November 11. However, the differences between developed and developing countries continue, and these differences make the conference agenda must be extended to as late as November. It came to an end on the 24th, but developing countries are still dissatisfied and angry with the conference agreement.
In fact, the hosting of COP29 itself is controversial – the host Azerbaijan did not really participate in the conference process. Compared with COP29’s carbon reduction goal of helping the world transition away from fossil energy, Azerbaijan’s economy is almost completely Built on oil and gas, fossil energy accounts for 90% of its exports. According to the “BBC” report, a senior Azerbaijani official also used his position at COP29 to arrange separate discussion meetings on fossil energy transactions.
The national symbol of Azerbaijan
What specific concerns do developing nations have regarding the $300 billion climate financing agreement secured at COP29?
## COP29: A Controversial Agreement
Today, we’re joined by Dr. Anna Smith, a leading expert on climate finance, to discuss the recent conclusion of COP29 and the controversial $300 billion annual climate financing agreement.
Dr. Smith, thank you for joining us.
**Dr. Smith:** Thank you for having me.
**Interviewer:** COP29 was dubbed the “finance COP” and many hoped for concrete solutions to climate financing. Yet, the resulting agreement seems to have left many dissatisfied. Can you shed some light on why?
**Dr. Smith:** Absolutely. While the agreement to mobilize $300 billion annually for climate action is a significant step forward, concerns abound. Many developing nations feel it falls short of the $1 trillion they argue is needed to effectively address the impacts of climate change. Additionally, there are questions regarding the source of these funds, the transparency of distribution, and how equitably it will reach the most vulnerable communities.
**Interviewer:** You mentioned the $1 trillion target. Can you elaborate on why developing nations are pushing for such a large sum?
**Dr. Smith:** Developing nations are on the frontlines of the climate crisis, despite contributing the least to its cause. They face the brunt of extreme weather events, rising sea levels, and agricultural disruption. Adapting to these challenges and transitioning to cleaner energy sources require massive investments in infrastructure, technology, and capacity building.
**Interviewer:** So, what are the next steps? Where do we go from here?
**Dr. Smith:** The $300 billion agreement is a starting point, albeit an imperfect one. Civil society groups, developing nations, and developed nations must maintain pressure to ensure the funds are actually delivered, used effectively, and scaled up in the coming years. We also need to see concrete plans from developed countries outlining how they will contribute their fair share, moving beyond vague commitments.
**Interviewer:** Dr. Smith, thank you for providing your insights into this crucial issue.
**Dr. Smith:** Thank you for having me.