On Saturday, a new climate deal was reached in Baku, Azerbaijan, with wealthy countries committing to provide $300 billion annually by 2035 to support poorer nations in dealing with the escalating impacts of the climate crisis. However, this amount has been criticized by many developing countries as insufficient.
The negotiations, which lasted over two weeks, were marked by divisions, walkouts, boycotts, and disagreements over various issues, including the role of fossil fuels in the transition to clean energy.
Despite fears of a breakdown in talks, an agreement was finally reached in the early hours of Sunday, involving nearly 200 countries. The $300 billion funding, a combination of public and private resources, aims to assist vulnerable nations in adapting to extreme weather events and shifting towards renewable energy sources.
While the pledged amount is a step forward, it falls short of the $1.3 trillion that developing countries have argued is necessary to address the climate crisis effectively. Tina Stege, the Marshall Islands climate envoy, expressed disappointment at the outcome, describing it as a modest beginning but emphasizing the urgent need for more substantial support.
Stege also criticized the negotiations for being influenced by political opportunism and vested interests in fossil fuels, which she believes hindered progress towards achieving multilateral climate goals.
In conclusion, while the new climate deal represents progress in international cooperation on climate change, there is a recognition that more significant financial commitments and concerted efforts are required to address the urgent challenges posed by the climate crisis.
