The pledge of financing by the Development Bank gives COP29 an early boost
COP29 negotiators have welcomed a commitment by major development bank to increase funding for poor and middle-income nations struggling to combat global warming. This is a positive start to the two week summit. The World Bank and a group of lenders announced on Tuesday that they would increase the finance amount to $120 billion in 2030. This is a 60% increase over the amount of 2023.
Eamon Eamon Ryan, Irish Climate Minister said on Wednesday: "I believe it's a good sign."
It's very helpful. Ryan added that this alone will not be enough. He said countries and companies should also contribute.
Ding Xuexiang, vice premier of China, said that Beijing had already mobilized $24,5 billion to assist developing countries in combating climate change.
Patrick Verkooijen CEO of the Global Center on Adaptation, echoed Ryan's views and welcomed the announcement. He called it "a shot in arm for the climate financing discussion".
He added, "But there's so much more to do."
The conference in Azerbaijan has as its main goal to achieve a broad international climate finance agreement, which will guarantee up to trillions dollars of funding for climate projects. The developing countries hope for large commitments from industrialized nations, which historically have been the largest contributors to global climate change and are some of the biggest producers of fossil fuels.
Climate activist Harjeet Sing said, "Developed countries are not only neglecting their historic duty to reduce carbon emissions but they're also doubling down on growth fueled by fossil fuels."
In 2009, wealthy countries committed to contributing $100 billion per year to assist developing nations in their transition to clean energy. They also pledged to adapt to the changing conditions of our world.
The pledge is only valid until 2022, but the payments will not be made until then.
'GET IT DONE'
Donald Trump's election victory in the United States has dimmed hopes for a solid deal. The U.S. President-elect promised to withdraw the U.S. once again from international climate collaboration.
Trump has pledged to increase output. The United States already ranks as the largest producer of oil and natural gas in the world.
At COP29, officials representing President Joe Biden’s departing administration said that China and the European Union could be called upon to take up the slack if Washington relinquishes its leadership.
"We are faced with a choice: a cleaner, safer and fairer future or a more dirty, dangerous and expensive one. We know what we need to do. Let's get started. John Podesta, the U.S. Climate Envoy, told the conference: "Let's get to work." Scientists say that global warming is accelerating faster than anticipated. 2024 will be the hottest on record. Wildfires fueled by climate change forced Californians to evacuate and air quality alerts were issued in New York. Spain's survivors are still coming to grips with the worst flooding in its modern history.
Indigenous leaders from Brazil and Australia, as well as those in the Pacific, Eastern Europe, and the Pacific, said they would work together on Wednesday to ensure that indigenous peoples have a voice in future climate decision-making.
The group stated that it would push for a co-presidency by indigenous peoples at the next COP conference, which will be held in Brazil's Amazon. Edi Rama, Albania's prime minister, told the conference that he is concerned about the slow pace of the international process in addressing global warming. Rama stated that "life goes on as usual, and our speeches filled with good intentions about combating climate change do nothing." (Written by Richard Valdmanis, edited by Alexander Smith).
(source: Reuters)
