![\"\"](\"https:\/\/gapki.id\/en\/dir-site\/uploads\/2024\/12\/cop29_france24.com_.jpg\")
<\/a><\/p>\nAfter two exhausting weeks of chaotic bargaining and sleepless nights, nearly 200 nations banged through the contentious finance pact in the early hours in a sports stadium in Azerbaijan.<\/p>\n
But the applause had barely subsided when India delivered a full-throated rejection of the \u201cabysmally poor\u201d dollar-figure just agreed.<\/p>\n
\u201cIt\u2019s a paltry sum,\u201d thundered India\u2019s delegate Chandni Raina.<\/p>\n
\u201cThis document is little more than an optical illusion. This, in our opinion, will not address the enormity of the challenge we all face.\u201d<\/p>\n
Sierra Leone\u2019s Climate Minister Jiwoh Abdulai, whose country is among the world\u2019s poorest, said it showed a \u201clack of goodwill\u201d by developed nations, whose ranks include the United States, Japan and members of the European Union.<\/p>\n
\u201cWe are extremely disappointed in the outcome,\u201d he said.<\/p>\n
Tina Stege, climate envoy for the Marshall Islands, a small atoll nation threatened by rising seas, said she would return home with a \u201csmall portion\u201d of what she fought for.<\/p>\n
\u201cIt isn\u2019t nearly enough, but it\u2019s a start,\u201d she said.<\/p>\n
The Alliance of Small Island States, the Least Developed Countries and the African Group of Negotiators all influential developing nation blocs\u2014expressed disappointment with the deal.<\/p>\n
A number of countries had accused Azerbaijan, an oil and gas exporter, of lacking the experience and will to meet the moment, as the planet again sets temperature records and faces rising deadly disasters.<\/p>\n
\u2018Eleventh hour deal\u2019<\/strong><\/p>\nNations had struggled to reconcile long-standing divisions over how much rich nations most accountable for historic climate change should provide to poorer countries least responsible but most impacted by Earth\u2019s rapid warming.<\/p>\n
Many developing countries had pushed for at least $500 billion, but developed nations under political and fiscal pressure had played down such expectations.<\/p>\n
UN climate chief Simon Stiell acknowledged the deal was imperfect and said \u201cno country got everything they wanted\u201d in the Caspian Sea city of Baku.<\/p>\n
\u201cThis is no time for victory laps,\u201d he said.<\/p>\n
UN Secretary-General Antonio Guterres said he had \u201choped for a more ambitious outcome\u201d and appealed to governments to see it as a base to build upon.<\/p>\n
Developed countries only put the $300 billion figure on the table on Saturday (23\/11\/2024) after a sleepless night of shuttle diplomacy to improve an earlier spurned offer.<\/p>\n
Bleary-eyed diplomats, huddled in anxious groups, were still revising the final phrasing on the plenary floor in the final hours before the deal passed.<\/p>\n
UK Energy Secretary Ed Miliband hailed \u201ca critical eleventh hour deal at the eleventh hour for the climate\u201d.<\/p>\n
At points, the talks appeared on the brink of collapse, with developing nations storming out of meetings and threatening to walk away should rich nations not cough up more cash.<\/p>\n
In the end\u2014despite repeating that no deal is better than a bad deal\u2014they did not stand in the way of an agreement.<\/p>\n
\u2018Betrayal\u2019<\/strong><\/p>\nEU climate envoy Wopke Hoekstra said COP29 would be remembered as \u201cthe start of a new era for climate finance\u201d.<\/p>\n
The final deal commits developed nations to pay at least $300 billion a year by 2035 to help developing countries green their economies and prepare for worse disasters.<\/p>\n
That is up from $100 billion under an existing pledge but was slammed as a mockery by developing nations that had demanded much more.<\/p>\n
\u201cThis COP has been a disaster for the developing world,\u201d said Mohamed Adow, the Kenyan director of Power Shift Africa, a think tank.<\/p>\n
\u201cIt\u2019s a betrayal of both people and planet, by wealthy countries who claim to take climate change seriously.\u201d<\/p>\n
Experts commissioned by the United Nations concluded that developed countries should be providing at least $390 billion by 2035 to meet the needs of developing countries excluding China.<\/p>\n
The United States and EU have wanted newly wealthy emerging economies like China\u2014the world\u2019s largest emitter\u2014to chip in.<\/p>\n
The final deal \u201cencourages\u201d developing countries to make contributions on a voluntary basis, reflecting no change for China which already provides climate finance on its own terms.<\/p>\n
Wealthy nations said it was politically unrealistic to expect more in direct government funding.<\/p>\n
Donald Trump, a sceptic of both climate change and foreign assistance, returns to the White House in January and a number of other Western countries have seen right-wing backlashes against the green agenda.<\/p>\n
The deal posits a larger overall target of $1.3 trillion per year to cope with rising temperatures and disasters, but most would come from private sources.<\/p>\n
Rising Temperature<\/strong><\/p>\nThe deal also lays the groundwork for next year’s climate summit, to be held in the Amazon rainforest of Brazil, where countries are meant to map out the next decade of climate action.<\/p>\n
The summit cut to the heart of the debate over financial responsibility of industrialized countries – whose historic use of fossil fuels has caused the bulk of greenhouse gas emissions – to compensate others for worsening damage from climate change.<\/p>\n
It also laid bare divisions between wealthy governments constrained by tight domestic budgets and developing nations reeling from costs of storms, floods and droughts.<\/p>\n
Negotiations had been due to finish on Friday but ran into overtime as representatives from nearly 200 countries struggled to reach consensus. Talks were interrupted on Saturday as some developing countries and island nations walked away in frustration.<\/p>\n
Nations have been seeking financing to deliver on the Paris Agreement goal of limiting global temperature rise to 1.5 degrees Celsius (2.7 degrees Fahrenheit) above pre-industrial levels – beyond which catastrophic climate impacts could occur.<\/p>\n
The world is currently on track for as much as 3.1 C (5.6 F) of warming by the end of this century, according to the 2024 UN Emissions Gap report, with global greenhouse gas emissions and fossil fuels use continuing to rise. (*)<\/p>\n
Source: france24.com<\/em><\/a> \/ AFP \/\u00a0 <\/em>Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"BAKU, Azerbaijan –\u00a0The world approved a bitterly negotiated climate deal on Sunday (24\/11\/2024) but poorer nations most at the mercy of worsening disasters dismissed a $300 billion a year pledge from wealthy historic polluters as insultingly low.<\/p>\n","protected":false},"author":1,"featured_media":28975,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"off","neve_meta_content_width":70,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","neve_meta_reading_time":"","footnotes":""},"categories":[3708,3709],"tags":[],"class_list":["post-28974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-publication","category-recent-news"],"yoast_head":"\n
Rich Countries Slammed At COP29 For Paltry Financial Deal - Gabungan Pengusaha Kelapa Sawit Indonesia (GAPKI)<\/title>\n<meta name=\"description\" content=\"Negotiations had been due to finish on Friday but ran into overtime as representatives from nearly 200 countries struggled to reach..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gapki.id\/en\/news\/2024\/11\/28\/rich-countries-slammed-at-cop29-for-paltry-financial-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rich Countries Slammed At COP29 For Paltry Financial Deal - Gabungan Pengusaha Kelapa Sawit Indonesia (GAPKI)\" \/>\n<meta property=\"og:description\" content=\"Negotiations had been due to finish on Friday but ran into overtime as representatives from nearly 200 countries struggled to reach..\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gapki.id\/en\/news\/2024\/11\/28\/rich-countries-slammed-at-cop29-for-paltry-financial-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Gabungan Pengusaha Kelapa Sawit Indonesia (GAPKI)\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-28T08:05:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-02T08:23:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/gapki.id\/en\/dir-site\/uploads\/2024\/12\/cop29_france24.com_.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"798\" \/>\n\t<meta property=\"og:image:height\" content=\"446\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/gapki.id\/en\/news\/2024\/11\/28\/rich-countries-slammed-at-cop29-for-paltry-financial-deal\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/gapki.id\/en\/news\/2024\/11\/28\/rich-countries-slammed-at-cop29-for-paltry-financial-deal\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/gapki.id\/en\/#\/schema\/person\/c2cee368ea6173d53e932e04704efe25\"},\"headline\":\"Rich Countries Slammed At COP29 For Paltry Financial Deal\",\"datePublished\":\"2024-11-28T08:05:58+00:00\",\"dateModified\":\"2024-12-02T08:23:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/gapki.id\/en\/news\/2024\/11\/28\/rich-countries-slammed-at-cop29-for-paltry-financial-deal\/\"},\"wordCount\":987,\"publisher\":{\"@id\":\"https:\/\/gapki.id\/en\/#organization\"},\"image\":{\"@id\":\"https:\/\/gapki.id\/en\/news\/2024\/11\/28\/rich-countries-slammed-at-cop29-for-paltry-financial-deal\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/gapki.id\/en\/dir-site\/uploads\/2024\/12\/cop29_france24.com_.jpg\",\"articleSection\":[\"Publication\",\"Recent News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/gapki.id\/en\/news\/2024\/11\/28\/rich-countries-slammed-at-cop29-for-paltry-financial-deal\/\",\"url\":\"https:\/\/gapki.id\/en\/news\/2024\/11\/28\/rich-countries-slammed-at-cop29-for-paltry-financial-deal\/\",\"name\":\"Rich Countries Slammed At COP29 For Paltry Financial Deal - 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