But at protests throughout COP29, developed nations — major economies like the European Union, United States and Japan — were accused of negotiating in bad faith, making a fair deal impossible. In the end — despite repeating that “no deal is better than a bad deal” — developing nations did not stand in the way of an agreement. It falls short of the $390 billion that economists commissioned by the United Nations had deemed a fair share contribution by developed nations. Wealthy nations said it was politically unrealistic to expect more in direct government funding at a time of geopolitical uncertainty and economic belt-tightening. The final deal “encourages” developing countries to make contributions on a voluntary basis, reflecting no change for China, which already provides climate finance on its own terms.

Source: The Nation November 24, 2024 17:00 UTC