After two weeks of intense negotiations, the COP29 climate talks in Glasgow have finally reached a deal on money – but only after a fierce fight between developed and developing countries.
The issue of finance has long been a sticking point in international climate negotiations, with developing countries arguing that wealthy nations should provide more financial support to help them transition to a low-carbon economy and adapt to the impacts of climate change.
In the end, a compromise was reached that commits developed countries to provide $100 billion per year in climate finance to developing countries by 2025. This falls short of the $100 billion per year goal that was originally set back in 2009, but it is still seen as a significant step forward.
However, the negotiations were not without their challenges. Developing countries, particularly those most vulnerable to the impacts of climate change, pushed back against attempts by developed countries to water down language around the need for more ambitious climate action and financial support.
In the final hours of the talks, a group of developing countries threatened to block the deal unless their demands were met. After hours of tense negotiations, a compromise was finally reached that satisfied all parties involved.
The deal on finance is seen as a key achievement of COP29, as it paves the way for more ambitious climate action and greater support for developing countries. However, many are still concerned that the $100 billion per year commitment is not enough to meet the needs of vulnerable countries facing the worst impacts of climate change.
As the conference comes to a close, world leaders are now tasked with turning their promises into action. The success of COP29 will ultimately be judged by the level of ambition and commitment shown by countries in the coming years as they work to combat climate change and protect our planet for future generations.