7 hours Ago By Callum Godde
A deal to triple funding to combat global warming leaves Pacific countries high and not-so dry, Australian activists say. Login or signup to continue reading The 2024 United Nations Climate Change Conference, known as COP29, reached a financing agreement on Sunday, Australian time, after tense negotiations were extended in the host city of Baku, Azerbaijan. Developed countries agreed to provide $US300 billion ($A462 billion) in annual climate finance for poorer nations by 2035, replacing a commitment to provide $US100 billion ($A154 billion) a year by 2020 that was due to expire in 2025.
The tripling of the target does not create any new obligations for Australia. Australia wanted stronger allocations for developing small island states and least developed countries, and was disappointed references to human rights and workers were removed from the deal's final text. Federal Climate Change Minister Chris Bowen said COP29 was not easy but the summit was important.
"Tackling climate change is in our national interest, and getting climate finance right is vital for our nearest neighbours in the Pacific," he said in a statement. In Baku, Greenpeace Australia Pacific officials described the offer as "grossly inadequate" and suggested it would leave the most vulnerable nations bearing the brunt of climate catastrophe. "This is a bad-faith deal that sees developed countries shirk responsibility to pay up, open up questionable sources of finance, and transfer responsibility to developing countries to pay for climate impacts they did not create," its head Shiva Gounden said.
ActionAid, a global federation working to end poverty and injustice, said the text of the agreement wasn't worth the paper it was written on and rich countries had failed a "moral test". "The goal that has been gavelled through is shameful and will only deepen gender inequality and poverty," ActionAid Australia's executive director Michelle Higelin said. "This deal has also further jeopardised the urgent goal of limiting global temperature rise to 1.
5C, denying low-income countries the resources they need for the just transition away from fossil fuels." Australia must urgently scale up its climate finance and not abandon those who have done the least to cause the crisis, Ms Higelin added. The 2025 summit, COP30, will be held in Belem, Brazil and climate activists are vowing to keep fighting.
"We will take the fight ...
to ensure the profit-hungry fossil fuel industry pays for the climate destruction it has caused, that major emitters contribute their fair share, and that all countries align their emissions targets with a 1.5C aligned pathway," Ms Gounden said. The Australian government is lobbying to host COP31 in 2026, in partnership with Pacific nations, amid a rival push from Turkey.
Australian Associated Press DAILY Today's top stories curated by our news team. Also includes evening update. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation.
WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters.
WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Get the latest property and development news here.
WEEKLY Going out or staying in? Find out what's on. WEEKDAYS Sharp. Close to the ground.
Digging deep. Your weekday morning newsletter on national affairs, politics and more. WEEKLY Follow the Newcastle Knights in the NRL? Don't miss your weekly Knights update.
TWICE WEEKLY Your essential national news digest: all the big issues on Wednesday and great reading every Saturday. WEEKLY Get news, reviews and expert insights every Thursday from CarExpert, ACM's exclusive motoring partner. TWICE WEEKLY Get real, Australia! Let the ACM network's editors and journalists bring you news and views from all over.
AS IT HAPPENS Be the first to know when news breaks. DAILY Your digital replica of Today's Paper. Ready to read from 5am! DAILY Test your skills with interactive crosswords, sudoku & trivia.
Fresh daily!.
