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COP29 has been a disaster for the developing world. It’s a betrayal of both people and planet, by wealthy countries who claim to take climate change seriously.
Rich countries have promised to “mobilise” some funds in the future, rather than provide them now.
The cheque is in the mail. But lives and livelihoods in vulnerable countries are being lost now.
At this 'Finance COP' not a single dollar of real climate finance has been provided right now.
Not only did the global north impose a low-ball finance figure, it comes into force 11 years from now. This deal is too little, too late.
The rich world staged a great escape in Baku. With no real money on the table, and vague and unaccountable promises of funds to be mobilised, they are trying to shirk their climate finance obligations. Leaving the world without the resources needed to avert climate catastrophe.
Poor countries needed to see clear, grant based, climate finance that would boost their ability to deal with the impacts of the climate crisis and accelerate their decarbonisation efforts. But that was sorely lacking.
United States nonsense
On the one hand the US is forcing the global south to accept a low finance figure in Baku because they say the Donald Trump administration will give even less next year. But at the same time, they are promising a ‘roadmap’ to mobilising $1.3 trillion in private finance next year in Brazil, when it will be a Trump appointed team representing the US.
'Pollution permits'
Baku will also be remembered for enabling rich polluters to cheat their way out of actual emission reductions through the use of dubious pollution permit markets.
The carbon market rules will allow the richest to continue polluting, placing at risk the 1.5C target, while shifting the burden to developing countries.
COP host - a national embarrassment
This has been a shamefully led summit by Azerbaijan which deserves to be a global embarrassment for the wealthy countries and the COP president that facilitated them to dodge their obligations.
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