The COP29 United Nations climate conference broke down into total chaos, with several nations walking away in disgust. Smaller “developing” countries felt incredibly slighted to learn they’re only getting a measly $250 billion a year. That’s a slap in the face, they declare. How can they fight climate change with peanuts?
COP29 ends badly
Everything about the COP29 climate change summit was a total disaster. It started when the host country used its inside information to peddle huge oil and gas deals on the sly.
The conference was extended through the weekend to address concerns of the smaller member states but that only ended up making things worse.
As BBC reports, “a deep gulf formed between richer and poorer countries over cash to help those most vulnerable in a warming world.” The “wealthier nations” thought they were being gracious by offering to more than double the current allotment.
The COP29 plan calls for raising the investment fund up to $250 billion per year. Everyone expected the smaller countries to be thrilled with that increase. They were stunned by the response.
Poorer countries, “angrily rejected this as too low.” One group representing small island nations declared they were “deeply disappointed.” That offer, they insist, shows “contempt for our vulnerable people.” How can they survive when their islands are under water?
The COP29 delegates couldn’t even come close to an agreement on “efforts to limit emissions of planet warming gases.” By the official closing time on Friday, there was “no indication of when agreement might be reached.” They kept going on Saturday until everyone started leaving in a huff.
The question of money
After two weeks of heated wrangling, the COP29 delegates finally got to the meat of the issues, “dealing with climate finance, and improving efforts to cut carbon.” They struck out on both of those. BBC notes that “the question of money has long been a running sore in global climate negotiations.” They had problems coming up with the 100 billion previously assured to developing countries.
Payments, it seems, “ran late and often came in the form of loans.” Don’t the rich countries realize they don’t have any money to pay those loans back? Not only that, such a paltry sum is only a single drop in the ocean of excess carbon.
The developing countries were expecting somewhere around $1.3 trillion. They have to have that much in hand by 2035 or civilization is doomed, they’ve been led to believe. It costs money to “cope with the growing impacts of a warmer world, and to take bigger steps in cutting their carbon.” Meanwhile, all the “richer nations” attending COP29 “refused to put a figure on how much support they would give.” The Americans, especially.
With Donald Trump poised to take control, they’re not committing to spending a nickle. They also expect him to pull the U.S. out of the Paris Climate Accord. That’s going to be a huge disaster because the U.S. was footing most of the bill for that deal.
You’re simply going to have to go back and sharpen your pencils, the COP29 leaders advised. Come up with more realistic plans that will work within a reasonable budget, they suggest. They were lucky the poorer nations didn’t chase them up the nearest tree and light it on fire. In order to get out of Azerbaijan with their skins, a document was prepared listing two “projected” figures.
“A $1.3 trillion overall goal by 2035 from all sources,” including ones they don’t have yet. There will be a guarantee for the “$250 billion from richer countries, who will take lead in providing the cash.” The world’s biggest polluter, China, who also has deep pockets, wouldn’t be under any “obligation.” Instead, COP29 leaders “invited” the Chinese to make additional contributions.
