The impact of climate change on developing countries has always been a major concern at international summits. The recent COP29 summit in Baku, Azerbaijan, highlighted the tensions between rich and developing nations over climate finance.
One of the main discussions at the summit was a proposed climate deal that would see $250 billion in financing from rich countries to poorer countries by 2035. While this is more than double the previous target of $100 billion per year set 15 years ago, it is less than a quarter of the amount requested by developing countries most affected by extreme weather events.
Developing country delegates were expressly disappointed that the proposal was insufficient to meet the needs and challenges they face. For some, it is a real “punch” in the face, demonstrating a lack of awareness of the climate realities they face.
Climate conferences such as COP29 are essential for developing countries to put pressure on rich nations to take responsibility for combating climate change. However, the lack of transparency and delays in presenting proposals have sown doubts among delegations and environmentalists gathered in Baku.
The climate finance proposal also raises questions about how the funds will be raised and used. Rich countries and analysts argue that the money will mainly be used to help developing countries cope with the impacts of climate change. However, much of the money could end up as loans to already indebted countries, further widening the gap between rich and poor nations.
Ultimately, it is clear that concrete action and real commitment from rich nations are needed to effectively address the climate challenges facing the world. The discussions and negotiations at COP29 underline the urgency of collective and united action to preserve the planet and ensure a sustainable future for generations to come.