COP29: From Projected Failure to Disappointment

Abstract:

The UN COP29 conference in Baku was projected to be a failure. Instead, it has turned merely into a disappointment. According to many headlines, COP29 delivered a “landmark trillion-dollar deal” to avert the climate crisis. UK Energy Secretary Ed Milliband said that “If this finance is used in the right way, it could cut the equivalent emissions of one billion cars and could protect nearly a billion people from the impacts of climate change.” In fact, the member states agreed that the developing world would receive $1.3 trillion a year by 2035 to promote the shift to low-carbon economies and adapt to extreme weather events. That is a lot of money. A lot of promise.