At the 29th United Nations Global Climate Summit in Baku, Azerbaijan, tensions ran high as developed and developing nations clashed over climate finance. Dubbed the “Finance CoP,” this summit was supposed to be a turning point for global climate action. Instead, it left many countries feeling frustrated and betrayed.
The Finance Debate: $300 Billion vs. $1.3 Trillion
The big headline from the summit was the announcement of the New Collective Quantified Goal (NCQG). This new deal promises $300 billion annually to developing nations by 2035 to help them tackle climate change. On the surface, it seems like a win. But scratch the surface, and the cracks are evident.
Gina Marcela Cortes Valedrrama leads activists protesting for climate finance grants for poor countries on day twelve at the UNFCCC COP29 Climate Conference on November 23, 2024, in Baku, Azerbaijan. © Sean Gallup/Getty Images
Experts and activists had demanded $1.3 trillion per year to address the catastrophi...
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