Baku, Azerbaijan (UG Standard) – The COP29 climate summit has concluded with a final agreement that critics say falls short of expectations, particularly when it comes to climate finance.
Teresa Anderson, Global Lead on Climate Justice at ActionAid International, slammed the agreement, saying it “is not worth the paper it’s written on.”
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“Almost nothing of what frontline countries have been fighting for is in here,” Anderson said. “Superficially the numbers may look bigger than the previous $100 billion climate finance goal. But scratch the surface, and this is packed full of loans.”
Brandon Wu, Director of Policy and Campaigns at ActionAid USA, echoed Anderson’s sentiments, saying the agreement provides “no real leverage to ensure developed countries pay their fair share.”
“Developed countries, led by the United States, have long sought to escape their obligations to reduce emissions and provide finance,” Wu said. “Their strategy culminated in Baku, where – in addition to setting a pathetically low goal of $300 billion per year by 2035 – developed countries successfully watered down the language about who exactly should be paying and how.”
Wu also criticized the Biden administration, saying it “should be ashamed” of its role in weakening the agreement.
“US negotiators intervened at every turn, weakening the outcome for their own benefit, even though they aren’t even likely to be part of the Paris Agreement next year,” Wu said. “Now we will have to fight for every penny to flow from the rich world to poorer countries.”
The COP29 agreement has been widely criticized for its lack of ambition and failure to address the needs of developing countries.
