The Climate Finance Deal, the Military and DOGE at COP29

Nov 23, 2024 | Saleem H. Ali
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The deal which was finally reached at COP29 in Baku for a $300 billion investment for climate change finance for developing countries reflects a zero-sum game of donor funds. This is far short of the $1.3 trillion annual commitment for a full portfolio of transitioning to renewable energy technologies, climate adaptation infrastructure and loss compensation over climate-related events that was being sought. The developing countries had arrived at this number based on a range of estimates for meeting their “Nationally Determined Contributions” under the Paris Agreement. The United Nations itself has estimated the needed contributions needed for developing countries to mitigate, adapt and be compensated for damages at around $1.55 trillion per year.