Major development banks, including the World Bank, have pledged to increase financing for poorer nations dealing with climate change — at the COP29 climate summit in Azerbaijan, Reuters news report said.
This collective commitment aims to reach $120 billion by 2030, a substantial 60 percent increase over 2023 levels. Irish Climate Minister Eamon Ryan called this a positive step but emphasized that further contributions from nations and companies are essential to achieve climate goals.
Chinese Vice Premier Ding Xuexiang highlighted Beijing’s $24.5 billion support for developing countries, a move welcomed by climate finance leaders. However, despite these efforts, Patrick Verkooijen, CEO of the Global Center on Adaptation, warned that the journey ahead remains challenging.
The conference’s main objective is to secure long-term, large-scale climate funding to drive global climate initiatives. Developing countries are pressing for substantial commitments from industrialized nations, which bear significant historical responsibility for emissions.
Amidst these negotiations, a notable setback emerged: President-elect Donald Trump’s win in the United States has raised concerns due to his promises to withdraw from international climate agreements. This could place the climate leadership burden on China and the EU, as U.S. officials under the outgoing Biden administration warned.
As 2024 shapes up to be the hottest year on record, devastating climate impacts continue worldwide, from wildfires in the U.S. to unprecedented floods in Spain. Indigenous leaders from regions like Brazil and Australia also announced plans to push for greater involvement in climate decision-making, advocating for an Indigenous co-presidency in future COP meetings.
Albania’s Prime Minister Edi Rama voiced frustration with the global response to climate change, urging that actions must replace empty words to address the crisis effectively.
UN Secretary-General Antonio Guterres said leaders gathered in Baku for the COP29 Climate Action Summit must take immediate steps to cut emissions, safeguard people from climate chaos, and “tear down the walls to climate finance” in response to the “masterclass in climate destruction” that the world has witnessed in 2024.