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illuminem summarizes for you the essential news of the day. Read the full piece on Euronews or enjoy below:
🗞️ Driving the news: COP29 concluded with a $300 billion annual climate finance deal by 2035 for developing nations, narrowly avoiding a collapse after intense negotiations
• The agreement was met with criticism from developing nations, which called the amount inadequate compared to their $1.3 trillion demand
• Meanwhile, agreements were also reached on Articles 6.2 and 6.4 of the Paris Agreement, enabling global carbon trading markets
🔭 The context: The summit highlighted geopolitical tensions, with rich nations reluctant to meet the ambitious finance goals demanded by vulnerable countries
• Many nations, including small island states and least-developed countries, staged walkouts during negotiations
• Despite compromises, COP29 failed to fully address the urgent climate finance needs to mitigate and adapt to worsening climate impacts
🌍 Why it matters for the planet: The $300 billion commitment is a step forward but falls short of the scale of finance needed to meet global climate targets and protect vulnerable nations
• The deal underscores the urgent need for increased ambition from wealthier countries to bridge the climate finance gap
• Without substantial funding, progress toward limiting global warming to 1.5°C remains in jeopardy
⏭️ What's next: Attention shifts to COP30 in Belém, Brazil, which is being touted as the “COP of COPs” for its potential to address unresolved issues
• Nations must work on a roadmap to meet the broader $1.3 trillion finance target while enhancing transparency and accountability
• The success of carbon markets and the delivery of pledged funds will be closely monitored
💬 One quote: “This new finance goal is an insurance policy for humanity… but it only works if the premiums are paid in full and on time” – UN Climate Chief Simon Stiell
📈 One stat: The $300 billion annual pledge for 2035 represents a modest increase from the earlier draft proposal of $250 billion
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