MONITORING (SW) – Richer countries have pledged to give a record $300bn (£238bn) to the developing world to help them prepare for and prevent climate change.
The talks at the UN climate summit COP29 in Azerbaijan ran 33 hours late, and came within inches of collapse.
The head of the UN climate body, Simon Stiell, said it had “been a difficult journey, but we’ve delivered a deal.”
But the talks failed to build on an agreement passed last year calling for nations to “transition away from fossil fuels”.
Developing nations, as well as countries that are particularly vulnerable to climate change, dramatically walked out of the talks on Saturday afternoon, reported BBC.
Afghanistan is among the top 5 worst affected countries in the world.
Since the return to power of the Islamic Emirate in 2021, international aid has disappeared in a context where the country has been suffering from drought for three years while the rest of Afghanistan has been suffering from flooding.
This promise of more money is a recognition that poorer nations bear a disproportionate burden from climate change, but also have historically contributed the least to the climate crisis.
The newly-promised money is expected to come from government grants and the private sector – banks and businesses – and should help countries move away from fossil fuel power to using renewable energy.
For many nations this was just not good enough, and it was rejected – it will now have to be agreed next year.
Countries that rely on oil and gas exports reportedly put up a strong fight in negotiations to stop further progress.
