This Saturday (23), a day later than expected, the nations participating in the 29th United Nations Climate Conference (COP29) reached an agreement on the amount of money to combat global warming.In this way, the final balance of the event, held in Baku (Azerbaijan), was prepared. Finance is one of the most important aspects of COP29.
Money is one of the biggest concerns for developing nations (Photo: Matt Gush/Shutterstock) Developing countries asked for an asset worth trillions of dollars, but rich nations reached a deal for around $300 billion (R $1.74 trillion, in direct exchange) every year. . Although lower than expected, the numbers are higher than those released this Friday (22) (US$ 250 billion – 1.45 trillion) and continue to please emerging nations.
The COP29 financial texts were postponed until the day COP29 was supposed to end, this Friday (22), but were extended due to disagreements; Negotiators from nearly 200 participating countries are fighting to reach a common goal on the financing needed to combat climate change; According to g1, during the meeting tempers exploded, with representatives from small and developing countries abandoning it in protest; “We feel like we haven’t been heard,” said Cedric Schuster, representing Samoa on behalf of the Association of Small States (Aosis); And, according to The Guardian, Saudi Arabia directly changed the official language of the discussion to “encourage parties to consider appropriate methods of change in the development and implementation of the NDC, the NAP and the LT-LEDs.” Read more:
10 Websites and Apps to Check the Weather Forecast and Climate Conditions How to Check Air Quality on Your Phone Global Warming: The World is Warming at an Unprecedented Rate What other issues were resolved at the conference? Other important COP29 issues were resolved, such as the end of the implementation of Article 6, referring to the global carbon market (read about this at the end of the article), which fulfilled its beginnings. It intends to transfer resources to countries and companies that emit fewer greenhouse gases (Brazil has advanced a national program in the Senate).
In turn, Brazil presented a new Nationally Determined Contribution (NDC), aiming to reduce global warming to 1.5 °C. The government is committed to reducing greenhouse gas emissions by 59% to 67% by 2035, the same levels as 2005.
Official figures from Brazil show that this reduction is equivalent to reaching between 850 million and 1.05 billion tons of CO₂ equivalent. But some Non-Governmental Organizations (NGOs) criticized the project, because they believe it could be more in the country's interests.
The executive secretary of the Climate Observatory, Márcio Astrini, said that the Brazilian NDC presents emission limits between 792 million and 984 million tons of CO₂ equivalent.
Astrini told Metrópoles: "[the numbers] do not correspond to Brazil's effective contribution to limiting global warming to 1.5°C. They do not correspond to the promises made by the government and the promise of the President of the Republic to end deforestation in the country.
What about the carbon market? The global carbon market is established as follows: by planting trees and building wind farms in small countries, carbon credits are created.
These countries receive a credit for each metric ton of emissions reduced or removed from the Earth's atmosphere. Other countries and organizations may acquire loans to achieve similar goals.
The carbon market is one of the pillars of the Paris Agreement (Photo: SuPatMaN/Shutterstock) What about COP30? COP30 will have a special “flavor”, as it will be held in Brazil, in Belém (PA). The difficult negotiations that COP29 failed to achieve must be transferred. Find out more here.