Photo: Kayle Crosson The COP29 conference has concluded on November 22, and the final agreement commits $300bn per year from richer countries to the Global South to develop climate plans.
“When inflation is taken into account this is a minimal increase from the commitment of 100bn made in 2009,” Trócaire said in a statement. Which falls short on the necessary amount, according to the charity. “The current text acknowledges the trillions of dollars needed.”
At COP29 in Baku, Trócaire Climate Justice Policy and Advocacy Advisor, Sinéad Loughran said: “It is shocking that a climate finance COP has delivered so little ambition on climate finance and not surprising that climate vulnerable countries reject this.
“Once again richer countries are dragging their heels when it comes to paying the debt we owe for the climate damage we have caused. It is the poorest in the world who will continue to suffer the worst consequences of the climate crisis with no safety net.”
“The COP decision failed to commit to the public finance that’s needed and instead focuses on ill-defined investment and private finance to fill existing funding gaps,” Ms Loughran added.
“It is an insult, and reflects a step backwards in ambition, and a complete disregard for the impacts being felt by those who have done nothing to cause this crisis. It flies in the face of climate justice and the responsibilities of rich countries.”