Saturday, February 15, 2025

World Leaders Finalize $300 Billion Annual Climate Aid for Developing Nations

World leaders at COP29 in Baku, Azerbaijan, have agreed to a $300 billion annual climate finance deal to assist developing nations. The pact, known as the Baku Finance Goal, aims to mobilize $1.3 trillion by 2035 for climate adaptation and mitigation, marking a significant leap in global climate funding commitments.

The agreement, finalized after 14 days of negotiations, triples the previous $100 billion annual pledge established in 2009. COP29 President Mukhtar Babayev described it as “the best possible deal” despite the geopolitical divisions that threatened progress. “In a year of fragmentation, many doubted we could deliver. They were wrong,” Babayev said during the summit’s closing plenary.

Tensions were high throughout the talks, particularly among negotiators from the Global South. African representatives, including Nigeria’s delegation, criticized the deal as inadequate, with one delegate labeling it an “insult.” Negotiators from poorer nations argued that the commitment fell short of the urgent needs faced by vulnerable countries battling the escalating impacts of climate change.

READ MORE: Football Powerhouses and New Contenders Set for TotalEnergies CAF Africa Cup of Nations 2025

The summit, originally set to end on November 22, extended into the early hours of November 24 after 33 hours of additional deliberations. Delegates from the Global South initially walked out, rejecting earlier proposals as weak and impractical.
Dubbed the “Finance COP,” COP29 sought to address the long-standing financial gaps in global climate action. Wealthier nations faced sharp criticism for failing to meet previous financial commitments, casting doubt over their ability to uphold the new $300 billion annual target.

Observers, however, view the agreement as a tentative step forward, with implementation being the next critical challenge. As the world battles climate crises, all eyes now turn to the delivery mechanisms and accountability for these ambitious pledges.

Hot this week

Ghana Targets Payroll Corruption With Probe Into 81,000 ‘Ghost Names

Ghana’s government has launched an investigation into 81,000 suspected...

Governance Suffers as Governors Reside in Abuja, NLC President Laments

The Nigeria Labour Congress (NLC) has criticized state governors...

MTN Hikes Data Prices as NCC Approves 50% Tariff Increase

MTN Nigeria has raised its data subscription prices following...

Standing for Truth in a World of Deception – Mark Idiahi

In a generation where moral relativism and "wokeness" are...

Nigeria Halts Implementation of 4% FOB Charge to Refine Customs Framework

The Nigerian government has suspended the implementation of a...

Kenya’s Rose Exports Wither Under Pests, EU Regulations

Kenya's $1 billion flower export industry, a lifeline for...

How Nigeria Spends ₦407 Billion on Fuel Imports in 12 Days

Nigeria's state-owned oil firm, the Nigerian National Petroleum Company...

Tinubu Joins African Union Summit to Push for Reparatory Justice, Economic Development

President Bola Ahmed Tinubu arrived in Addis Ababa, Ethiopia,...

NUC Tightens Rules for Private University Licensing with 14-Step Approval Process

Nigeria's National Universities Commission (NUC) has introduced a comprehensive...

MTN Hikes Data Prices as NCC Approves 50% Tariff Increase

MTN Nigeria has raised its data subscription prices following...

Ghana Targets Payroll Corruption With Probe Into 81,000 ‘Ghost Names

Ghana’s government has launched an investigation into 81,000 suspected...

Nigeria Halts Implementation of 4% FOB Charge to Refine Customs Framework

The Nigerian government has suspended the implementation of a...

Nigeria’s Dangote Refinery Reduces Diesel Prices for the Third Time Since Launch

The Dangote Petroleum Refinery has cut the gantry price...

Related Articles

Popular Categories