A recently approved climate deal at COP29 has sparked significant backlash from poorer nations, who argue that the financial commitments made are woefully inadequate. Asad Rehman, the executive director of War on Want, expressed his strong disapproval, labeling the agreement as \"insufficient, inadequate, and an insult.\"
Speaking to CGTN, Rehman emphasized the dire consequences of the current deal, stating, \"This is a joke, but it's a deadly joke for people on the planet. This is nowhere near enough.\" He warned that without meaningful financial support, vulnerable nations and communities will continue to suffer from the escalating impacts of climate change.
The charity head highlighted the stark gap between the UN's previous warnings and the actual commitments made during COP29. While scientists have indicated that the earth's average temperature is already more than 1.5 degrees Celsius above pre-industrial levels, the pledged $300 billion a year from wealthy, historically high polluters falls short of the trillions needed to effectively combat climate change.
Rehman pointed out that COP29 was intended to be the \"finance COP,\" aiming to secure necessary funding for developing countries. These nations, which contribute the least to global emissions, urgently require financial assistance to reduce their own emissions, adapt to climate impacts, and address significant loss and damage caused by extreme weather events and rising sea levels.
He criticized the negotiating process, noting that developed countries initially refused to present a financial figure. It was only at the last moment that a supposedly substantial amount was proposed, which Rehman deems \"totally inadequate.\"
Furthermore, Rehman raised concerns about the nature of the pledged funds, explaining that much of the financial support is likely to come in the form of loans rather than grants. This approach could exacerbate the debt burdens of already struggling nations, making the commitment feel like \"a real slap in the face\" to those most affected by the climate crisis.
As global temperatures continue to rise, the failure to secure adequate and genuine financial support at COP29 underscores the urgent need for more robust and committed action to address the climate emergency.
Reference(s):
COP29 deal 'insufficient, inadequate and an insult' says charity head
cgtn.com
