Scant climate funds

Saving the planet from an impending climate catastrophe does not seem to be a priority for developed countries.

The decisions taken at the recently concluded Conference of Parties (COP29) of the Climate Convention at Baku once again show that adequate climate finance will continue to remain elusive. COP29 agreed to triple finance to developing countries , for “protecting lives and livelihoods”. The developed countries agreed to make available at least $300 billion per year by 2035 for developing country parties for climate action. This is thrice the previous goal of $100 billion annually by 2020, agreed to in the Copenhagen Accord in 2009. Additionally, COP29 called “On all actors to work together to enable the scaling up of financing to developing country Parties for climate action from all public and private sources to at least $1.3 trillion per year by 2035 ”. These two decisions formed the basis of the “new collective quantified goal” on climate finance.