After so much talks in the COP29 conference in Azerbaijan, a $300 billion finance package was approved to help combat climate change, which, however, was seen as an insult to poor nations.

Also, the $300 billion annual pledge from richer countries, seen as the main contributors in green house gases (GHG), will be realized from 2035. The current pledge from wealthy countries is $100 billion per year.

“The amount that is proposed to be mobilised is abysmally poor. It’s a paltry sum,” said Indian delegate Chandni Raina.

“This document is little more than an optical illusion. This, in our opinion, will not address the enormity of the challenge we all face,” Raina added.

Nearly 200 nations went through ardous negotiations for the deal, while the poor countries were hoping for a better outcome that never happened.

Nonetheless, the European Union (EU) remained optimistic on the $300 billion pledge, with EU climate envoy Wopke Hoekstra saying COP29 would be remembered as “the start of a new era for climate finance.”

For his part, UN Climate Change Executive Secretary Simon Stiell highlighted that the new finance goal agreed at the UN Climate Conference in Baku is an insurance policy for humanity.

“This deal will keep the clean energy boom growing and protect billions of lives. It will help all countries to share in the huge benefits of bold climate action: more jobs, stronger growth, cheaper and cleaner energy for all. But like any insurance policy – it only works – if the premiums are paid in full, and on time,” he said.

Observers during the negotiations said the diplomats were sleep deprived, and the talks seemed heading for collapse at some points as representatives of developing nations either stormed out of the meetings or walked out.

According to the final deal, developed nations to pay at least $300 billion a year by 2035 to other countries make their economies become green and implement resiliency measures for disasters.

(PHOTO FROM UN)