The COP29 summit has ended, with wealthy countries pledging to provide $300 billion annually by 2035 to poorer nations to help them deal with impacts of climate change, a media report said on Sunday.
The agreement, clinched in overtime at the two-week conference in Azerbaijan’s capital, was meant to provide momentum for international efforts to curb global warming in a year destined to be the hottest on record, Reuters reported.
It said countries at the COP29 summit in Baku adopted a $300 billion a year global finance target on Sunday to help poorer nations cope with impacts of climate change, a deal intended recipients criticised as woefully insufficient.
“I regret to say that this document is nothing more than an optical illusion,” Indian representative Chandni Raina told the closing session, minutes after the deal was sealed.
“This, in our opinion, will not address the enormity of the challenge we all face. Therefore, we oppose the adoption of this document,” the Indian delegate remarked.
Meanwhile, United Nations climate chief Simon Stiell acknowledged the difficult negotiations that led to the agreement but hailed the outcome as an insurance policy for humanity against global warming.
“It has been a difficult journey, but we’ve delivered a deal,” Stiell said. “This deal will keep the clean energy boom growing and protect billions of lives.”
The summit marked the maiden climate conference attended by an Islamic Emirate of Afghanistan (IEA) delegation.
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