COP29 concludes with a short-term 0,000 million climate finance agreement.
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COP29 concludes with a short-term $300,000 million climate finance agreement.

By James Vargas / November 23, 2024

“Menos es nada”. “Of course, everything is needed.” “Podría ser peor”. After two weeks of intense negotiations, long sleepless nights and an agreement that did not satisfy anyone, these were the reactions of the representatives in Baku. 29th Conference of the Parties (COP29) Naciones Unidas sobre cambio climática llegó or su fin comonenza: sin grandes ambiciones y con el foco puesto en la cita del proximo año en la ciudad brasileña de Belén.

However, after a Saturday (November 23) filled with frustration and anger, the COP presidency was able to bring order and minimal agreement to Baku. in our extreme. There is no fue Ill after midnight local que el pleno de la cumbre del clima ha podi reunirse para poner punto y finalde una vez por todas, a la cita climática.

In conclusion, El Acuerdo de Baku turned out as expected: without agreement, without great ambitions and without a final text before the start of the plenary session. As the negotiations were held all day, it was discussed to increase the contributions of the developed countries of the 250,000 million dollars of the bill. 300,000 million annually until 2035. And so it happened.

This figure, the embargo of blame, is still far from what the most vulnerable countries need to mitigate and adapt to climate change. Mechanisms to achieve them $1.3 billion worth of states, etc.according to the final text, it will be discussed during the remaining year until the next COP.

This bold victory was decided by two groups of countries, después de que, en la tarde del sábado refuse to negotiate: Los Pequeños Estados Insulares and the less developed las nations refused to accept the conditions imposed by the richer ones.

Desde su point de vista y su special vulnerabilidad, estos países seguraron estar viviendo una suerte de tomadura de pelo. However, en un comunicado insisted that their poor performance did not mean they would end negotiations. They were simply tired of hearing proposals that fell short of the new contribution goal. Y su retreata, parece, habría servido más bien de poco.

Claves de Financing

$300,000 million per year by 2035. Diseases, in relation to the environmental crisis, provide the climate for improving the financial situation. A pesar de estar lejos de lo idóneo, the text includes more references to least developed countries and small island states, including “consider measures to increase financing” to these ultimatums.

Developed countries “will take the initiative”. Otros tanderaan sus espuertos voluntarios renoçãos.

1.3 billion dollars. This goal is still alive. The text calls “all the actors” to work together with the end Increase funding from public and private sources by at least $1.3 billion by 2035.

China, India, Saudi Arabia and Gulf countries. El papel de estas economías, las principales emergentes que no se se se se se se accountanban arolladas cuando commenzaron las cumbres del clima en la deca de los 90s, es contravertido. El text “alienta a los países en desarrollo ve que khagan for voluntary contributions”.

Los bancos multilaterales de desarrollo. The text suggests that the parties can rely on “climate-related losses” and “climate financing” mobilized by these banks to meet the $300 million investment target.

Mitigation + financing. The text recommends that funding should come from “significant and ambitious” emissions reduction measures, as well as adaptation measures.

¿Y los burning fossils?

The approved text is one of the most discussed topics in the two weeks of talks: Phase-out of fossil fuels and transition to cleaner energies. Most of the countries wanted this punctuation, although Saudi Arabia and the oil states – against this specification – won the battle.

Reaffirm to reach a compromise on emissions reductions in the Acuerdo de Paris – proof of majority of energy dirty—, le da un estatus special gas. The text refers to this type of fossil energy as a “transition fuel” needed to “ensure energy security”.

Una (mini) Victoria

What I experienced tonight at COP29 was a small achievement. un acuerdo sobre los mercados de carbono que se queda corto, pero que llevaba enquistado casi un lustro

Los detalles y espécializaciones de este primer paso hacia un pacto multilateral se negociarán el año que viene en Brasil. Aunque al menos, como Reveal with ENCLAVE ODSpor primera vez en años el melon del article 6 del Acuerdo de Paris se abría en Baku.

Article 6 is the basis for recording nationally determined contributions (NDC for its English acronym). At COP30, negotiations should be held to implement decarbonization.

So let's take the first steps to create an important mechanism that provides climate finance to developing countries and a carbon market that, if acted upon, can continue to function even if the United States withdraws its support for the Paris Agreement.

Indignación en la COP

Todas estas pequeñas victorias llegaron en una cumbre del clima en la que se ha accusato a los petroestados de manipula las reglas del juego. German Foreign Minister Annalena Baerbock, for example, recognizes EFE. los Estados petroleros de “juegos geopoliticos” and de maneuvers “engañosas”. Baerbock's son added “Unfortunately, the poorest and most vulnerable countries”.

Saturday afternoon, The Guardian también alertaba de que A delegate from Saudi Arabia manipulated the text discussed at COP29. Specifically, the exchangeable energy refers to a limited transition. Fortunately, the presidency was able to quickly remove this manipulation and continue the negotiations.

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