Developing countries will receive $300 billion annually from richer countries to combat climate change, negotiators agreed at the COP29 climate summit in Baku on the night from Saturday to Sunday. This means an increase of PLN 200 billion compared to the current support.
Conference of the Parties to the Framework Convention UN regarding climate change COP29 in Baku was supposed to end on Friday. However, the negotiators failed to reach an agreement and remained in the capital Azerbaijan for further talks on Saturday. They lasted until late at night.
The most controversial point in the negotiations was the amount that richer countries, which are responsible for the largest carbon dioxide emissions, will spend each year to support developing countries. Friday's proposal of $250 billion was rejected by the Southern countries, whose representatives left the negotiations in protest. In their opinion, rich countries should allocate USD 1.3 trillion annually. Ultimately, they agreed to support of USD 300 billion per year until 2035.
“We will reach $1.3 trillion”
In 2025, the current aid amounting to $100 billion per year will expire. Therefore, negotiators in Baku had to renew the agreement. – COP29 will be remembered as the beginning of a new era in climate finance. European Union will continue to lead, said Wopke Hoekstra, the EU commissioner taking part in the talks in Baku.
As he emphasized, the summit brought an ambitious and realistic goal and an increased donor base. “With these funds and this structure, we are confident that we will reach $1.3 trillion,” Hoekstra added.
Negotiators agreed on Saturday that richer countries could offset their emissions by paying countries that achieve reductions above the target. This means the legalization of so-called carbon credits, which have been in dispute for years.
Main photo source: COP29 AZERBAIJAN