Azerbaijan’s city, Baku, hosted the start of the United Nations climate summit, the Conference of Parties 29 (COP29), on a somber note Monday. Monday saw the absence of several of the presidents and prime ministers who had participated in the COP28 conference in Dubai.
Pushing for a $1 trillion annual climate finance pledge, up from the $100 billion annual commitment made in 2009 that hasn’t been fulfilled, is the meeting’s most ambitious agenda item.
The fund’s purpose is to assist developing and impoverished nations in switching to renewable energy sources. Indeed, the costs have increased over the past ten years. The work would have been somewhat simpler if the industrialized nations had fulfilled their pledge to contribute $100 billion a year. However, the wealthy nations were always debating who should foot the bill and how much. The green funders never hit more than $40 billion.
The wealthy nations now contend that since 2009, things have drastically altered and that China and other emerging economies that produce oil need to be making contributions to the climate fund as well. COP29’s new objective is to establish the New Climate Quantitative.
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