The Presidency of the United Nations Climate Change Conference (COP29) has announced a final declaration that reflects an annual financing commitment by developed countries of 300 billion dollars (290 billion euros) until 2035 to their developing partners after a long night of negotiations.
The funding is intended for help developing countries to improve climate protection and adapt to the devastating effects of global warming, such as more frequent droughts, storms and floods.
Currently, industrialized nations have long mobilized more than $100 billion a year in climate aid. However, according to an independent group of UN experts, the need for external assistance now amounts to around $1 trillion per year until 2030, and even $1.3 trillion by 2035.
Environmental organizations had criticized in previous days the direction of the talks and, in particular, they estimated that countries would need between 5 and 6.9 trillion dollars between now and 2030 to be able to meet their climate commitments, that is, “approximately one trillion a year” as explained by groups such as such as Ecodes, Ecologistas en Acción, Greenpeace, Juventud por el Clima, Observatori del Deute en la Globalització, SEO/BirdLife and UGT.
Furthermore, the organizations criticized that the perspectives of the negotiations also did not offer “any type of guarantee to impoverished countries”, pointing out that 130 countries from the global South They are in a “minimum critical” situation due to the effects of the debt, NGOs lamented this Saturday.