National Economy
Monday, June 2, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Climate

COP29: Nations Agree On $300bn Annual Climate Fund

by Reuben Odoh
6 months ago
in Climate
Reading Time: 2 mins read
COP29
Share on FacebookShare on TwitterShare on Telegram

You May Like

Boat Mishaps: Jamoh Advocates Standard On Inland Water Ways Usage

At the COP29 summit in Baku, global leaders have agreed on a new climate finance target of $300 billion annually by 2035 to aid poorer nations in combating climate change impacts. The agreement, reached after prolonged negotiations, has sparked mixed reactions: while some view it as a meaningful step, others argue it falls short in addressing the full scale of the climate crisis.
This financing plan builds on the previous $100 billion annual goal, first met in 2022, which is due to expire in 2025. Its purpose is to bolster vulnerable nations in managing the devastating effects of climate change, including storms, floods, and droughts, often driven by the historic emissions of industrialised countries.
UN Climate Chief Simon Stiell emphasised the urgency of global climate finance, warning that climate disasters are increasingly driving up living costs worldwide. Stiell praised the agreement as an “insurance policy” for humanity, aiming to sustain the clean energy transition and protect lives. However, he cautioned that its success hinges on timely and full contributions.
Despite this achievement, criticism has emerged. Chandni Raina, representing the Indian delegation, dismissed the agreement as an “optical illusion,” arguing it inadequately addresses the severity of the crisis. “This, in our opinion, will not address the enormity of the challenge we all face. Therefore, we oppose the adoption of this document,” she stated.
The agreement paves the way for next year’s climate summit in Brazil’s Amazon rainforest, where countries will outline the next decade’s climate action strategies. The summit highlighted ongoing tensions about the financial responsibility of wealthier nations—whose historical fossil fuel use has largely contributed to climate change—to support affected developing countries. These debates underscore the divides between developed countries, bound by fiscal constraints, and developing nations, which bear the brunt of climate-related costs.
The group of nations committed to climate finance includes around two dozen industrialised countries, such as the U.S., Canada, and EU members, as originally designated during 1992 UN climate talks. Recently, European nations have advocated for expanding this list to include emerging economies like China and wealthy Gulf nations. Although the agreement encourages voluntary contributions from developing nations, it stops short of mandating their involvement.
The deal also introduces a broader target of raising $1.3 trillion annually by 2035, combining public and private sector funding. This figure, economists suggest, aligns with the amount needed to mitigate global warming effectively. Additionally, new guidelines were set for a global carbon credit market to fund climate initiatives, including reforestation and clean energy projects, through the sale and purchase of carbon credits.

Tags: climate change
ShareTweetShare
Previous Post

Violence Against Women And The Nigerian Economy

Next Post

BREAKING: After 7 Missed Deadlines, Port Harcourt Refinery Begins Production

ANOTHER GOOD READ

Boat Mishaps: Jamoh Advocates Standard On Inland Water Ways Usage
Climate

Boat Mishaps: Jamoh Advocates Standard On Inland Water Ways Usage

6 months ago
Next Post
BREAKING: After 7 Missed Deadlines, Port Harcourt Refinery Begins Production

BREAKING: After 7 Missed Deadlines, Port Harcourt Refinery Begins Production

Most Recent

Kano Hosts 2025 NATCO: A Milestone For Skill Development, Economic Growth

Kano Hosts 2025 NATCO: A Milestone For Skill Development, Economic Growth

May 31, 2025
Adesina Set Unmatched Record At AfDB — Buhari

Adesina Set Unmatched Record At AfDB — Buhari

May 30, 2025
JUST-IN: Reps Pass Tax Reform Bills

Reps Threaten To Revoke Licences Of Defaulting Quarry Operators

May 30, 2025
AfDB: Tinubu Hails Sidi Tah’s Election, Reaffirms Nigeria’s Commitment

AfDB: Tinubu Hails Sidi Tah’s Election, Reaffirms Nigeria’s Commitment

May 30, 2025
JUST-IN: Tinubu Inaugurates New NNPCL Board

Tinubu Signs Executive Order To Cut Oil Project Costs, Boost Revenue

May 30, 2025
Only 2 States Generated Enough Revenue To Cover Expenses–BudgIT

Federal Gov’t Yet To Disburse 2025 Budget Funds — Fayemi

May 30, 2025
Pitcher Awards 2025: CBA Foundation Honored For Groundbreaking Widowhood Advocacy

Pitcher Awards 2025: CBA Foundation Honored For Groundbreaking Widowhood Advocacy

May 30, 2025
Senate Passes 2 Remaining Tax Reform Bills, Recommends Tax Tribunal

Senate Approves N1.8trn 2025 FCT Budget

May 30, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy