COP29 climate finance deal clinched, what are countries saying?
Adds Saudi Arabia comments
BAKU, Nov 24 (Reuters) -Countries agreed to a hard-fought COP29 deal to provide $300 billion in annual climate finance by 2035.
But while some delegates reacted to the agreement early Sunday with a standing ovation, others voiced anger and lambasted wealthy nations for not doing more.
Here are some of their comments:
U.N. FRAMEWORK CONVENTION ON CLIMATE CHANGE EXECUTIVE SECRETARY SIMON STIELL (in a statement)
"It has been a difficult journey, but we've delivered a deal. This new finance goal is an insurance policy for humanity, amid worsening climate impacts hitting every country.
"This deal will keep the clean energy boom growing and protect billions of lives. It will help all countries to share in the huge benefits of bold climate action: more jobs, stronger growth, cheaper and cleaner energy for all.
"But like any insurance policy – it only works – if the premiums are paid in full, and on time. No country got everything they wanted, and we leave Baku with a mountain of work still to do. So this is no time for victory laps."
INDIA REPRESENTATIVE CHANDNI RAINA
"We are disappointed in the outcome which clearly brings out the unwillingness of the developed country parties to fulfil their responsibilities."
"I regret to say that this document is nothing more than an optical illusion. This, in our opinion, will not address the enormity of the challenge we all face. Therefore, we oppose the adoption of this document."
U.N. SECRETARY GENERAL ANTONIO GUTERRES
"I had hoped for a more ambitious outcome – on both finance and mitigation – to meet the great challenge we face. But this agreement provides a base on which to build. It must be honoured in full and on time. Commitments must quickly become cash."
BOLIVIA REPRESENTATIVE DIEGO PACHECO BALANZA (speaking via a translator)
"We need a finance which will properly grant us the resources we need to take steps. The finance that is hugely below our requirements is an insult and it is a flagrant violation of justice and climate equity.
"Climate finance, as it stands in this agreement, is extinguishing international cooperation. We are moving on from the time of leaving of no-one behind to an era of let every man save himself."
BRITISH ENERGY MINISTER ED MILIBAND (In a statement)
“This is a critical eleventh hour deal at the eleventh hour for the climate. It is not everything we or others wanted but is a step forward for us all."
"Today’s agreement sends the signal that the clean energy transition is unstoppable. It is the biggest economic opportunity of the 21st century and through our championing of it we can help crowd in private investment."
TINA STEGE, MARSHALL ISLANDS CLIMATE ENVOY (in a statement)
“We came in good faith, with the safety of our communities and the well-being of the world at heart. Yet, we have seen the very worst of political opportunism here at this COP, playing games with the lives of the world's most vulnerable people.
"Fossil fuel interests have been determined to block progress and undermine the multilateral goals we’ve worked to build. This can never be allowed to happen.
"Despite the barriers, we’ve fought hard and secured something for our communities. We are leaving with a small portion of the funding climate-vulnerable countries urgently need.
"It isn’t nearly enough, but it’s a start, and we’ve made it clear that these funds must come with fewer obstacles so they reach those who need them most. We have also rejected those who sought to undo the agreements we made on phasing out fossil fuels."
SAUDI ARABIA REPRESENTATIVE, SPEAKING ON BEHALF OF ARAB GROUP
"The Arab Group ... sees that we need to further confirm the basic principles in the efforts of mitigation as part of our Paris Agreement work and the UNFCCC.
"Such principles include equity and common-but-differentiated responsibilities, as well as insistence on the importance of developing states leading these efforts globally.
"This also includes a recognition of the various tracks that do reflect the various conditions and capabilities of each state, as well as the importance of respect and sovereignty of each nation, and also the ambition in the NDCs, which are the fulcrum and the backbone of the Paris Agreement, as they reflect the ambitions as well as the aspirations and conditions of every State."
"We need to enable countries to be able to delineate their own tracks."
"We also must be cognizant that one solution could not fix all the various challenges that we face collectively as we go on our development journey."
Reporting by Simon Jessop, Gloria Dickie, Kate Abnett, Valerie Volcovici ; Editing by Katy Daigle
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
