The concession agreement reached at the COP29 climate talks is $300 billion a year for poor countries

United nations climate talks we have adopted an agreement to inject at least $300 billion annually into humanity's fight against climate change, aimed at helping developing countries deal with the damage caused by global warming in intense negotiations.

$300 billion will go to developing countries that need cash to wean themselves off global warming coal, oil and gas, adapt to future warming and pay for the damage caused The most extreme weather of climate change. It's not nearly the full $1.3 billion that developing countries have been asking for, but it's a tripling of the $100 billion a year deal since 2009 that expires. Other delegates said the agreement was moving in the right direction, with the hope that more money would come in in the future.

But it was not the consensus that these meetings usually work with and some developing countries were burning with neglect.

COP29 President Mukhtar Babayev had the deal approved before any nation had a chance to speak. When they did it, they accused him of doing justice for them, the agreement of not having enough and the rich nations of the world becoming less and less.

However, Chandni Raina, representative of India's COP 29 delegation, criticized the agreement.

“We are disappointed with the result which clearly shows the unwillingness of the advanced teams to fulfill their obligations,” Raina said, according to Reuters.

He called it “an illusion,” saying it “will not address the magnitude of the challenge we all face. Therefore, we oppose the adoption of this document.”

According to Reuters, the Secretary-General of the United Nations, António Guterres, also expressed disappointment with the result, saying that “he had hoped for a very desirable result, both financial and reduction, to meet the great challenge that we are facing.”

He said the agreement “is the foundation on which we must build. It must be respected in full and on time. Commitments must quickly become cash.”

In a statement, President Biden called the agreement a “historic outcome,” saying “it will help consolidate the level of financing – from all sources – that developing countries need to accelerate the transition to clean, sustainable economies, while opening up new economic markets. American-made electric vehicles, batteries, and other products.”

He added that “in the years to come, we are confident that the United States will continue this mission…While some may seek to deny or delay the clean energy revolution underway in America and around the world, no one can reverse it—no one.”

President-elect Donald Trump has said, for the second time, that he will leave office The Paris Agreementwhich was signed into law in 2016 and seeks to limit global warming to no more than 1.5 degrees Celsius above pre-industrial levels. The world is already at 1.3 degrees Celsius and carbon emissions continue to rise. Officially US he withdrew during Trump's first term, however he also joined under Mr. Biden.

Meanwhile, many countries agreed with India and piled on, with Nkiruka Maduekwe, the chief executive of the National Council on Climate Change, calling the deal an insult and a joke.

“I'm disappointed. It's definitely below the average we've been fighting for for a long time,” said Juan Carlos Monterrey, of the Panamanian team. He noted that several changes, including the insertion of the words “at least” before the $300 billion figure and the possibility of a 2030 review, helped them reach the finish line.

“Our hearts go out to all those nations that feel like they are surrounded,” he said.

The last package that was transferred “doesn't speak or show or inspire confidence,” said India's Raina.

“We are totally against the unfair methods of adoption,” Raina said. “We are deeply hurt by this action of the president and the secretary's office.”

Speaking for nearly 50 of the world's poorest countries, Evans Davie Njewa of Malawi was more modest, expressing what he called skepticism about the deal. And the Alliance of Small Island States' Cedric Schuster said he had high hopes “that the plan will protect the interests of those most vulnerable” but nevertheless expressed support for the agreement.

There were satisfied groups, the European Union Wopke Hoekstra calls it a new era of climate finance, working hard to help the most vulnerable. But the activists in the meeting hall could be heard coughing because of Hoekstra's speech which he tried to interrupt.

Eamon Ryan, Ireland's environment minister, called the agreement “a huge relief.”

“It was uncertain. This was difficult,” he said. “Because it's a time of division, of war, (of) an international system with real difficulties, the fact that we can end it in these difficult situations is very important.”

UN Climate Change Secretary General Simon Stiell called the agreement “an insurance policy for humanity,” adding that like insurance, “it only works if premiums are paid in full, and on time.”

This agreement is considered as a step towards helping developing countries to create major targets to prevent or reduce the emission of greenhouse gases which should take place at the beginning of next year. It is part of the plan to continue reducing environmental pollution with new targets every five years, which the world agreed to at the UN talks in Paris in 2015.

Countries also expect that this agreement will send signals that will help drive funding from other sources, such as multilateral development banks and private sources. That was always part of the discussion in these negotiations – the rich countries did not think it made sense to rely only on public sources of financing – but the poor countries were worried that if the money came through loans instead of grants, it would set them back too much. from the debts they have been struggling with.

“The $300 billion goal is not enough, but it is an important payment towards a secure and equitable future,” said World Resources Institute President Ani Dasgupta. “This agreement gets us off to a head start. Now the race is on to raise more climate finance from a wide range of public and private sources, making the whole financial system work behind the reforms of developing countries.”

And while it is far from the $1.3 billion figure, it is more than the $250 billion that was on the table in the previous draft of the document, which angered many countries and led to a period of frustration and standoff in the final hours of the conference. .