Participating countries of the UN Climate Summit COP-29 have agreed on a new collective agreement for climate financing amounting to $300 billion per year.
This was reported by the television channel CNN.
The damage from natural disasters has cost the global economy $2 trillion over the past 10 years – researchOver the last decade, climate change-related natural disasters have inflicted $2 trillion in damages to the global economy.According to the agreement, wealthy nations have committed to providing $300 billion annually until 2035 to poorer countries to help them cope with the impacts of the climate crisis and transition their economies to clean energy.
CNN notes that the decision came after prolonged and complex negotiations, which led to COP-29 in Baku, Azerbaijan, being extended for more than a day beyond its original end date of November 22, with the agreement on NCQG being the main expectation from the summit. The primary disagreement among participants was regarding which countries should contribute and how much funding should be allocated for climate financing.
However, the promised amount falls short of the $1.3 trillion estimated by economists as necessary to assist developing countries in addressing the climate crisis, triggering strong reactions from many developing nations.
The NCQG outlines the development of a funding mechanism to support efforts to limit global warming to 1.5 degrees Celsius above pre-industrial levels – the lower threshold established by the Paris Agreement of 2015.
Wealthy countries, which bear a disproportionate responsibility for historical climate change, agreed in 2009 to provide $100 billion annually to developing nations until 2020. This commitment was fulfilled in 2022, two years late.
It is worth noting that the UN Secretary-General described 2024 as a “masterclass in climate destruction.” According to scientists, 2024 is likely to be the hottest year on record.
Earlier, the amount of environmental damage to Ukraine from the full-scale war was estimated.
Global climate scientists expect that this century, global temperatures will rise at least 2.5°C above pre-industrial levels. This exceeds the internationally agreed target of 1.5°C.