23 December, 2024
Jenny Gonzales
Mongabay
Last month’s COP29 climate summit in Baku, Azerbaijan, left tropical forest countries frustrated yet again at the tepid promises and lack of urgency from the world’s biggest greenhouse gas emitters on tackling climate change. And yet even as this year’s meeting had been dubbed the “Climate COP” because of mounting concerns about climate financing, it failed to bridge the deep disagreements over how to increase the money available to fight and adapt to climate change.
Leaders from developed and developing nations clashed over the scale of contributions, mechanisms for disbursement, and accountability for fulfilling financial commitments. The end result was one that no one seemed happy about: a $300 billion deal, largely in the form of loans, falling far short of the $1.3 trillion that many climate-vulnerable countries had called for.
But there may yet still be a solution, thanks to an initiative by Brazil, host of next year’s COP30 climate summit. The country says it hopes to address the financial gridlock with two initiatives — at least for tropical forest conservation, a key goal for preventing the worst impacts of climate change.
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