The Two Views of the COP29 Climate Financing Deal

Negotiators astatine nan COP29 U.N. Climate Change Conference adopted a woody early yesterday by which able nations pledged to scope $300 cardinal per twelvemonth by 2035 successful assistance for processing economies to modulation distant from fossil fuels and mitigate nan effects of ambiance change. The target is triple nan antecedently agreed-to extremity but acold short of nan $1.3 trillion per twelvemonth that experts opportunity is needed for nan transition. (New York Times)

Our Take

The sentiment astatine nan commencement of COP29 2 weeks agone was that location was little momentum for action than successful erstwhile years, for a number of reasons. There’s nan truth that, for nan 2nd twelvemonth successful a row, nan convention was hosted by a petro-state, only fueling nan cognition that nan COP process has been coopted by nan fossil substance industry. There’s besides nan protector of U.S. President-elect Donald Trump’s looming return to nan White House and his expected rollback of U.S. ambiance action. As a result, it’s adjacent to opportunity expectations for COP29’s last statement were low.