This Saturday (23), one day later than expected, the countries participating in the 29th United Nations Climate Conference (COP29) agreed how much will be spent on combating global warming.In this way, the last word of the event, which took place in Baku (Azerbaijan), is finally ready. Climate finance is one of the central points of COP29.
Finances are one of the biggest concerns for developing countries (Photo: Matt Gush/Shutterstock) Developing countries are asking for a value in the trillions of dollars, but rich countries have reached an agreement worth US$300 billion (R$ 1.74 trillion, in direct conversion) annually. Although lower than expected, the numbers are higher than those presented this Friday (22) (US$ 250 billion – 1.45 trillion) and continue to displease the countries that emerged.
COP29 financial issues delayed by one day COP29 scheduled to end this Friday (22), but extended due to lack of agreement; Negotiators from 200 participating countries are struggling to reach a common denominator on the financing needed to combat climate change; According to g1, during the meeting tempers flared, with representatives of small island states and developing countries protesting; “We think we haven’t been heard,” said Cedric Schuster, Samoa’s representative for the group of small island countries (Aosis); And, according to The Guardian, Saudi Arabia made direct changes to the official text of the negotiation that “encouraged parties to consider fair change methods in the development and implementation of NDC, NAP and LT-LEDS.” Read more:
10 websites and apps to check the weather forecast and weather conditions How to check air quality on your cell phone Global warming: the Earth is warming faster than ever Recorded What other problem was solved at the conference? COP29 already has other important issues concluded, such as the finalization of Article 6, which deals with the global carbon market (read at the end of the article), something that was successful at the beginning. It intends to take resources to countries and companies that produce less greenhouse gases (Brazil has advanced with national action in the Senate).
Currently, Brazil has presented a new National Commitment (NDC), with the objective of reducing global warming to 1.5°C. The government has committed to reducing its total greenhouse gas emissions by between 59% and 67% by 2035, levels similar to those in 2005.
Official estimates from Brazil indicate that this reduction will total between 850 million and 1.05 billion tons of CO₂ equivalent. But some Non-Governmental Organizations (NGOs) criticized the project, because they believe the country could be more motivated.
The Executive Secretary for Climate, Márcio Astrini, said that Brazil's NDC means emission limits between 792 million and 984 million tons of CO₂ equivalent.
To Metrópoles, Astrini said that “[the numbers] do not match Brazil’s true contribution to stabilizing global warming at 1.5 °C”. They are also against the commitments that the government has already made and the promise of the President of the Republic to eliminate deforestation in the country.”
What about the carbon market? The global carbon market is structured as follows: by planting trees and building wind farms in underdeveloped countries, carbon credits are created.
These countries receive credit for each metric ton of emissions reduced or removed from the Earth's atmosphere. Other countries and even companies can buy credits to achieve the same objectives.
The carbon market is one of the pillars of the Paris Agreement (Image: SuPatMaN/ Shutterstock) What about COP30? COP30 will have a special “flavor”, as it will take place in Brazil, in Belém (PA). The Brazilian version must inherit many complex discussions that COP29 was unable to achieve. Find out more here.