$300 Billion Annual Commitment To Combat Global Warming Under Baku Agreement

(MENAFN- Khaama Press) Wealthy nations have pledged to allocate $300 billion annually to assist poor and vulnerable countries in combating the climate crisis. This commitment was made in an agreement reached on Sunday in Azerbaijan.

According to Agence France-Presse, this agreement, reached after two weeks of intense negotiations, is considered a significant step in addressing global warming, despite falling short of the demands made by developing countries.

The agreement was achieved amid deep divisions between wealthy and developing nations over climate financing, which brought negotiations to the brink of collapse several times.

Developing countries initially demanded $500 billion annually, rejecting the initial offer of $250 billion as insufficient. The final agreement settled on $300 billion by 2035, marking a substantial increase from the current commitment of $100 billion.

Azerbaijan, hosting the negotiations, faced criticism from some countries, which questioned its experience and determination in managing climate crises.

Meanwhile, Saudi Arabia's efforts to weaken commitments on phasing out fossil fuels raised concerns among small island nations and some wealthy countries.

The United States and the European Union pushed for contributions from emerging economies like China, the largest emitter of greenhouse gases. However, the final agreement only encouraged voluntary participation from developing nations, leaving China's stance unchanged.

Wealthy nations argued that relying more on government budgets for climate financing was politically unrealistic.

Chandni Raina, a representative of the Indian delegation, expressed her dissatisfaction shortly after the agreement was signed during the closing session of the summit. She stated,“I regret to say that this document is nothing more than a visual illusion. Given the challenge we all face, we oppose the adoption of this document.”

However, the head of the UN Climate Change organization described the hard-won agreement as an“achievement,” stating,“This has been a tough journey, but we have reached an agreement. This deal will boost the growth of clean energy and protect the lives of billions.”

It is worth noting that the previous commitment by wealthy nations to finance poor countries in combating climate change was $100 billion annually. This has now been increased to $300 billion per year by 2035.

Despite this increase, the financial aspect of the agreement still falls short of the demands of poorer nations. Developing countries had requested at least $500 billion annually to address their needs effectively.

The agreement sets a broader goal of $1.3 trillion annually to address the climate crisis, with most of the funding expected to come from private sources. While this marks progress, significant hurdles remain in translating these pledges into action, particularly given political, economic, and logistical challenges.

Strengthening international cooperation and mobilizing private-sector investment will be crucial for achieving these targets and mitigating the impacts of global warming.

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