The United Nations climate negotiations concluded this Sunday in Baku, marking a milestone with the commitment of developed countries to invest at least $300 billion annually in the fight against climate change. However, this agreement has generated discontent among developing countries, who had demanded over a trillion dollars in aid and consider the agreed amount insufficient, labeling it as an “insult.” According to them, the promised financial support does not cover the essential needs to address the climate crisis they are facing.
Throughout the summit, rules were also established for a global carbon market supported by the UN, designed to facilitate the trade of carbon credits. This system aims to incentivize countries to reduce their emissions and invest in climate-friendly projects. These agreements come in an exceptionally critical year, characterized by record temperatures and devastating climate disasters that make global action urgent.
The UN Secretary General, António Guterres, expressed his disappointment at the lack of more ambitious results in terms of financing and mitigation, emphasizing the severity of the past year, marked by the constant increase in emissions. However, Guterres expressed that the agreement reached could serve as a basis for future actions in the fight against climate change, urging commitments to quickly translate into tangible financial resources.
Despite the complicated geopolitical context that threatened to destabilize the negotiations, the summit managed to build on previous achievements related to emission reduction and accelerating the energy transition. Guterres highlighted the role of multilateralism, pointing out that it is capable of overcoming the most complex issues surrounding the Paris Agreement. However, he emphasized that the agreement is only a start and that the real work lies with governments, who must take decisive actions to implement the new guidelines.
Guterres’ message at the close of the summit was clear: it is essential for governments to take this agreement as a basis for future actions, particularly calling on the G20 countries, which are responsible for the majority of emissions. He urged them to lead with national climate action plans that address all emissions and show a strong commitment to phasing out fossil fuels.
Reflecting on the results of COP29, the international community faces a significant challenge. Although an initial agreement has been reached, effective implementation of these commitments is crucial to turn promises into concrete actions. Failure to do so could seriously compromise the global effort to ensure a livable future for future generations.
Source: MiMub in Spanish
