The seventeenth conference of the parties to the united nations framework on climate change held in Baku, Azerbaijan has concluded with an agreement for developed countries to provide not less than $300 billion a year to fund poorer countries to address issues of climate change. Whereas that US USD 1.3 Trillion target set by countries at risk is not being met, still it set forth a phenomenally changed landscape in terms of previous pledges. Looking at the Climategate and the Macroeconomic climate of the negotiations some stakeholders head for a different interpretation. Thus, we take a deeper look into this latest deal and its implications for the global fight against climate change.
This deal provides a glimmer of hope to countries that have been calling out for help in addressing the challenges that they continue to face. In most cases, even the worst hit by climate change which contributes to some of the least emissions to global warming. At a cut above what has been offered thus far, the number is not what some were expecting, though. The fight against climate change is an uphill battle and while the dollars settled on by the agreement are a far cry, it would take a concerted global effort to manage vulnerabilities.
Industrialized countries have been under constant pressure to help the vulnerable countries regarding climate impacts. The 300 billion dollar deal can be said to be a step forward but most of the supporters feel that the benchmark still hasn’t touched the bar. Small island nations and low income countries were pressing for more financing to induce additional funds to compensate for damage already being incurred from hurricanes or droughts.
The approach of deploying these funds in fitting the countries and their relevant projects who require them the most, ensures that the money reaches the desired scope. However, the major thing that still looms large is the funding for these developmental projects and the question if that’s going to be executed as planned. Addressing these issues will be important to ensure that these resources actually provide an impact on people’s lives.
This deal for people residing in such deprived climate vulnerable areas promises a lot in terms of how these groups are dealt with in the future and whats really more important. Citizens from Non climate-vulnerable nations have been constantly reminded of their state’s much needed assistance in scaling an issue of that magnitude. So communities that deal with floods or heatwaves or are food insecure would now be able to acquire such investments.
The agreement also embodies the increasing recognition of the understanding of the dangers together with the consequences that climate change poses. The science is clear, we don’t have time left. The only time that remains is time to put strategies in place to reduce the effects of global warming and prevent detrimental effects around the world. The pledge of financing from COP29 is pointing in the correct direction, but one can see that there is still more that has to be done.
As world leaders and activists contemplate the results of COP29, the next task will be implementing commitments. Will the $300 billion be enough or will the ‘Greater’ ambition still be in demand? For now, this deal is one of the most important moments in the battle against climate change at a global level, it presents a sense of hope as well as a sense of vigilant expectation.
