Bayan News – International media report that representatives of various countries at the climate change conference in Baku have agreed on an annual financial aid package of $300 million for developing nations.
According to Reuters, this financial assistance, directed at poorer nations, is aimed at combating climate change.
The agreement, finalized during overtime discussions at the two-week conference, seeks to motivate international efforts to curb global warming in what is expected to be the hottest year on record.
Despite the agreement being reached after arduous negotiations, some developing nations criticized it, arguing that the financial cap set is insufficient.
Chandni Raina, a representative of the Indian delegation, expressed dissatisfaction shortly after the agreement was signed during the closing session of the summit: “I regret to say that this document is nothing more than a visual illusion. In our view, it does not address the significant challenge we are all facing. Therefore, we do not support the adoption of this document.”
Simon Stiell, head of the UN Climate Division, acknowledged the challenging negotiations that led to the agreement but welcomed the outcome as an “insurance policy for humanity against global warming.”
Stiell stated:”It was a tough journey, but we reached an agreement. This deal will foster the growth of clean energy prosperity and protect the lives of billions. However, like any insurance policy, it only works if the premiums are fully and promptly paid.”
The COP29 agreement secures an annual $300 billion fund for poorer nations until 2035, reinforcing the previous commitment by wealthier countries to provide $100 billion annually.
Increase in Trade Between Afghanistan and Turkey to $94 Million
