The COP29 climate summit held in Azerbaijan has reached a last minute deal. This after talks had threatened to collapse, after some countries expressed dissatisfaction and staged a walk out.
The deal is that of 300 billion dollars for developing countries in dealing and fighting with climate change. The deal was never going to leave everyone smiling. Various deals were finally signed off in the wee-hours of Sunday morning in Baku,with the most difficult being that about the money. The over 190 countries which took part in the talks, agreed on a target for richer polluting countries such as Japan, the United Kingdom and the European Union (EU) to come up with 300 billion a year by 2035, in order to help poorer nations to curb and adapt to climate change. The amount is far less than the 1.3 trillion experts said was needed and far from the 500 million dollars that countries like Uganda had said they would be willing to accept. The summit was under pressure to sign the deal, knowing that waiting for next year’s edition would mean Donald Trump would be in office,a known climate change denialist, would make things difficult. “It’s not nearly enough,but it’s a start”, a delegate from the Marshall islands. While Bolivia’s lead negotiator, Diego Pacheco, said it was an insult. UN Climate Chief, Simon Stiell said the deal was an insurance policy for humanity,amid worsening climate impacts hitting every country. “No country got everything they wanted and we leave Baku with a mountain of work still to be done. So it’s no time for victory laps,” said Stiell. Saudi Arabia fought the hardest against any step forward on the cutting of fossil fuels, which is the primary cause of climate change. Governments managed to sign a deal on carbon markets, which has been ten years in the pipeline. The deal will allow countries to trade emissions cuts. The hosts,Baku in Azerbaijan,were pleased with the outcome of the summit. “Every hour of the day,we pulled people together. Every inch of the way,we pushed for the highest common denominator. We faced geopolitical headwinds,but made every effort to an honest broker for all sides,” the hosts said in a statement.