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Activists condemned the COP29 financial deal.

MONews
3 Min Read

She added that it was “absolutely shameful” that the government could not ignore differences for the sake of the most vulnerable.

Just Stop Oil urged people to “get off the screens and into the streets”, adding: “There are 29 COPs leading the fossil fuel lobby and the world is still on the path to catastrophic collapse.”

Extinction Rebellion also stormed the summit. “The clue is in the name. Next year will mark the countries’ 30th attempt. What is clear is that the era of oil and gas must end quickly, fairly, and forever.”

Mohamed Adow, director of Power Shift Africa, an energy and climate think tank, called the summit “the worst led meeting in COP history.” “Not only was this a very weak COP29 agreement, but it was pushed forward despite opposition from several countries.

“Azerbaijan’s authoritarian regime can be used to push opposition against its own people, but the UN process cannot be bullied in the same way.”

Developed countries were more optimistic. U.S. President Joe Biden said the meeting set “ambitious international climate finance goals,” although there is still significant work to be done.

“Some may try to deny or delay the clean energy revolution underway in America and around the world, but no one can reverse it. “No one can undo this,” he said.

EU Climate Commissioner Wopke Hoekstra commented that the COP marks the beginning of “a new era in climate finance”. “This COP provides ambitious and realistic goals and an increased donor base. With these funds and structures, we are confident we will reach $1.3 trillion.”

replenishment

Others are pinning their hopes on the World Bank’s International Development Association (IDA) meeting next month. IDA provides concessional financing and subsidies to lowest-income countries.

The government plans to ‘replenish’ funds to IDA in December. World Bank President Ajay Banga called for the replenishment to be the “largest ever” and African leaders urged donors to provide at least $120 billion.

In the past few weeks, several countries have announced new contributions, including the United States ($4 billion), Norway ($450 million) and South Korea ($600 million).

Jamie Drummond, director of the network Sharing Strategies, said: “The energy and frustration in Baku will now be refocused on replenishing the World Bank’s ‘People and Planet Fund’, also known as IDA, at a key summit in South Korea in a few weeks’ time. It has to be right.’ hour.”

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