Environmental changes: Weather alterations - At the recent United Nations climate conference, negotiations stalled on a contentious financial issue.
For years, developed nations have aimed to provide substantial financial support for climate-related efforts in developing countries, pledging billions annually. This commitment was reinforced at the Paris Climate Agreement in 2015 and is set to continue through 2025. In 2022, for the first time, the set target of $100 billion per year was achieved. The impending World Climate Conference in November (COP 29) will likely make a significant decision on how this aid should be handled beyond 2025. Preparations for the meeting are underway in Bonn.
Industrialized countries are pushing for Arab nations to take part in the future funding of climate initiatives. This is partly justified by the fact that these nations add to climate pollution (e.g., through oil production) and have the capacity to aid others financially.
Oxfam climate expert Jan Kowalzig voiced his concerns on Thursday, stating, "It's troubling to see that industrialized countries are consistently trying to water down their existing pledges to back developing countries. A more comprehensive draft decision requires negotiations at the ministerial level." Delayed action from Azerbaijan, this year's COP presiding country, could potentially result in a failure to address climate funding during the conference in Baku.
