A bitterly negotiated climate deal has been approved at COP29, but poorer nations most at the mercy of worsening disasters have dismissed a $300 billion a year pledge from wealthy historic polluters as insultingly low.
Speaking to CGTN, Asad Rehman, the executive director of War on Want, condemned the climate deal, calling it “insufficient, inadequate, and an insult.”
“This is a joke, but it’s a deadly joke for people on the planet. This is nowhere near enough,” lamented Rehman.
He emphasized the gravity of the situation, warning that the failure to deliver meaningful financial support for climate action would leave vulnerable nations and communities exposed to the escalating impacts of climate change.
Rehman highlighted that the UN had previously warned that the world needed trillions of dollars to effectively address climate change. Yet, as global temperatures continue to rise, the latest negotiations have failed to meet those urgent financial demands.
‘A Totally Inadequate Number’
According to scientists, the Earth’s average temperature over 12 consecutive months has already been more than 1.5 degrees Celsius higher than pre-industrial times, with the trajectory pointing toward a devastating three degrees Celsius rise by the end of the century.
Rehman pointed out that COP29 was billed as the “finance COP” for a reason. Developing countries, which have contributed least to global emissions, are in desperate need of financing to reduce their own emissions, adapt to the impacts of climate change, and address the massive loss and damage they are already experiencing.
These countries are particularly vulnerable to extreme weather events, rising sea levels, and other climate impacts.
He said it is no surprise that negotiators were dismayed by the final financial package put forward.
“We had two weeks of negotiations where developed countries refused to put a number on the table,” said Rehman. “And then, at the very last moment, they came up with this totally inadequate number.”
‘Not a Real Commitment’
The funding that was pledged falls far short of the scale required to address the climate crisis, and Rehman said that a key concern is that much of it will not come in the form of grants, but rather loans—further exacerbating the debt burdens of already struggling nations.
“It’s not a real commitment. It is not guaranteed that this will be in the form of public grants. In fact, it’s very likely that much of it will be debt-inducing loans and other financial instruments,” he explained.
This, he argued, represents a “real slap in the face” to developing countries who have already borne the brunt of the climate crisis.
Reference(s):
COP29 deal 'insufficient, inadequate and an insult' says charity head
cgtn.com
