World agrees on USD 300 billion climate aid for developing nations
COP29 in Baku: Wealthy Nations Pledge $300 Billion for Climate Aid Amid Criticism
In Baku, Azerbaijan, the COP29 summit concluded with wealthy nations agreeing to provide $300 billion annually by 2035 to help developing countries tackle climate change. Despite being seen as progress, the deal faced criticism for being insufficient. The agreement was reached after over two weeks of intense negotiations, including walkouts by small island states and least-developed countries.
Reactions and Criticisms
Simon Stiell, head of the UN Framework Convention on Climate Change, called the deal "an insurance policy for humanity." However, India's representative, Chandni Raina, and Marshall Islands' climate envoy, Tina Stege, criticized the funding as inadequate. Stege also accused fossil fuel interests of hindering progress.
Funding and Challenges
The $300 billion falls short of the $1.3 trillion needed, with developing nations seeking more grants over loans. The G77 group requested $500 billion, but wealthier nations found this unfeasible. Efforts to involve emerging economies like China and Saudi Arabia were largely unsuccessful.
Political and Environmental Context
The summit occurred during a year of extreme weather, with fossil fuel lobbyists heavily present. Saudi Arabia opposed fossil fuel mentions, and potential political changes in the US added uncertainty. Climate activists and developing nations condemned the agreement, with calls for increased financing and accountability.
Despite criticisms, the agreement marks a step towards addressing climate change, though significant challenges remain.
Doubts Revealed
COP29
COP29 stands for the 29th Conference of the Parties, which is a big meeting where countries come together to talk about how to fight climate change. It's like a global team meeting to save the planet.
Baku
Baku is the capital city of Azerbaijan, a country located at the crossroads of Eastern Europe and Western Asia. It's where the COP29 meeting is being held.
Wealthy Nations
Wealthy nations are countries that have a lot of money and resources. They are often expected to help poorer countries because they have more means to do so.
$300 Billion
$300 billion is a huge amount of money. It's like having 300,000 crores of rupees. This money is promised to help countries that need support to fight climate change.
Climate Aid
Climate aid is money or help given to countries to deal with problems caused by climate change, like floods or droughts. It's like giving a helping hand to those in need.
Simon Stiell
Simon Stiell is a person who works for the United Nations, an organization that helps countries work together on global issues. He talks about how important the climate aid is for everyone.
UN
UN stands for the United Nations, which is a group of countries that work together to solve big problems in the world, like climate change.
Marshall Islands
The Marshall Islands is a small country made up of many islands in the Pacific Ocean. It's one of the places that is very affected by climate change, like rising sea levels.
Criticism
Criticism means saying that something is not good enough or needs to be better. In this case, some people think the $300 billion is not enough to help with climate change.
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