The United Nations estimates that global climate spending will reach $3 trillion annually, with a goal to increase this to $5 trillion by 2050. This includes $3. 5 trillion specifically for energy transition efforts. A major focus at COP 29 in Baku is the proposed "new collective quantified goal," which aims for significant financial redistribution from developed to developing nations.
Delegates recognize the challenge posed by President-elect Trump's "America First" policy, hoping to navigate around it, as they have before. A notable outcome is the awareness among developing nations regarding the inequities in the current climate framework. Notably, major emitters like China and India have been given leniency regarding emissions cuts and financial contributions, despite their large economies and carbon footprints.
This leniency stems from the principle of “common but differentiated responsibilities” established in the 1997 Kyoto Protocol. As China holds a substantial amount of U. S. debt, there are growing calls for it to share in the responsibility for climate action.
With shifts in U. S. leadership, questions remain about President Biden’s climate commitments compared to previous administrations, and whether the U. S. will actively participate in global climate agreements moving forward.
https://www.cfact.org/2024/11/21/cop-29-the-big-un-money-grab/
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