Saudi Arabia and other major producers refuse to support measures that would jeopardize their economies and energy industries.
The 29th Conference of the Parties for Climate Change, commonly known as COP29 , ended with outrage and dismayemotions demonstrated by developing nations after developed ones agreed to raise annual climate finance but nowhere near what was asked for. But there was outrage among climate activists, too. Because, once again, the world refused to commit to a phaseout of hydrocarbons. Apparently, it's Saudi Arabia 's fault.
Yet during the course of the negotiations, those wealthiest economies only managed to agree to $300 billion annually by 2035, after what Bloomberg described as 'at times openly hostile negotiations.' The parties also agreed to 'unleash' $1.3 trillion in climate finance on the world, but the how, the when, and the rest of the details remain shrouded in mystery for now.
COP29 Azerbaijan Climate Finance
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