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Earth Government

World Agrees on $300B Climate Aid Financial Deal - After COP29 Summit 'Nearly Implodes' (cnn.com) 120

"At points there was fear the talks would implode, as groups representing vulnerable small island states and the least-developed countries walked out of negotiations Saturday," according to a new report from CNN.

But after weeks of international climate talks at COP29, "the world agreed to a new climate deal... "with wealthy countries pledging to provide $300 billion annually by 2035 to poorer countries to help them cope with the increasingly catastrophic impacts of the climate crisis." The amount pledged, however, falls far short of the $1.3 trillion economists say is needed to help developing countries cope with a climate crisis they have done least to cause — and there has been a furious reaction from many developing countries. a fiery speech immediately after the gavel went down, India's representative Chandni Raina slammed the $300 billion as "abysmally poor" and a "paltry sum," calling the agreement "nothing more than an optical illusion" and unable to "address the enormity of the challenge we all face."

Others were equally damning in their criticism. We are leaving with a small portion of the funding climate-vulnerable countries urgently need," said Tina Stege, Marshall Islands climate envoy. Stege heavily criticized the talks as showing the "very worst of political opportunism." Fossil fuel interests "have been determined to block progress and undermine the multilateral goals we've worked to build," she said in a statement...

There was also a push for richer emerging economies such as China and Saudi Arabia to contribute to the climate funding package, but the agreement only "encourages" developing countries to make voluntary contributions, and places no obligations on them... Saudi Arabia, the world's top oil exporter, which has pushed against ambitious action at past climate summits, seemed even more emboldened in Baku, publicly and explicitly rejecting any reference to oil, coal and gas in the deal.

The package "is also being criticised as short-sighted from the richer world's perspective," notes the BBC: The argument runs that if you want to keep the world safe from rising temperatures, then wealthier nations need to help emerging economies cut their emissions, because that is where 75% of the growth in emissions has occurred in the past decade.
But "Delegations more optimistic about the agreement said this deal is headed in the right direction," writes the Associated Press, "with hopes that more money flows in the future." The text included a call for all parties to work together using "all public and private sources" to get closer to the $1.3 trillion per year goal by 2035. That means also pushing for international mega-banks, funded by taxpayer dollars, to help foot the bill. And it means, hopefully, that companies and private investors will follow suit on channeling cash toward climate action. The agreement is also a critical step toward helping countries on the receiving end create more ambitious targets to limit or cut emissions of heat-trapping gases.
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World Agrees on $300B Climate Aid Financial Deal - After COP29 Summit 'Nearly Implodes'

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  • How much will the US pay by January 20th and how will the deal handle their withdrawal?

    • I can only hope that DOGE will stop this waste of money.
      • Re: (Score:2, Insightful)

        by drinkypoo ( 153816 )

        I can only hope that DOGE will stop this waste of money.

        Hahaha, good one. We all know Leon was never going to stop waste of money, only redirect it to himself. Republicans always claim they're going to reduce spending and then always increase it while also cutting taxes so that they increase the deficit. The prior Trump administration was no different, and this one will not be different in that regard either.

        • Rather like how the Democrats always claim they're going to help the working man, yet sign trade deals to kill their industries.
          • Rather like how the Democrats always claim they're going to help the working man, yet sign trade deals to kill their industries.

            You mean like NAFTA, right? Which Trump replaced with the virtually identical USMCA?

            • I'm talking about nafta, the trans pacific partnership, which Trump did kill, the US-AUS free trade .. there were a few more. And remember, your darling, HRC, called the TPP a 'gold standard trade agreement.' Fortunately, without TPP, we won't (or shouldn't) have TISA.
  • Never enough (Score:3, Insightful)

    by innocent_white_lamb ( 151825 ) on Sunday November 24, 2024 @09:20PM (#64969593)

    "You have money. Give us money."

    "Here is money."

    "Not enough. Give us more money."

    "Here is more money."

    "Still not enough."

    GOTO start

    • Stupid victims! /s (Score:4, Insightful)

      by Gravis Zero ( 934156 ) on Sunday November 24, 2024 @11:13PM (#64969735)

      "You have money. Give us money."

      You have it entire backwards. It's "You broke your word. Pay us our restitution."

      Why do act like the victim when you are the perpetrator?

    • Looking at it from the other side:

      "I'm not cleaning up my mess! You do it!"

    • Re: (Score:1, Insightful)

      by Anonymous Coward

      Poor people: You destroyed the world, you need to pay to help fix it. It's going to cost millions to fix.

      Ignorant American: Here's a $20

      poor people: Did you not understand? millions

      Ignorant Americans: so a $50?

    • I am more intrigued by what leverage do the small island nations have to get any money at all.

    • by Cyberax ( 705495 )
      It's more complicated. Europe and the US benefitted greatly from CO2 emissions, and now they want the rest of the world to spend considerable resources on avoiding CO2 emissions.
  • by oumuamua ( 6173784 ) on Sunday November 24, 2024 @09:25PM (#64969603)
    So divert some of the firehose of money going to defense spending to climate spending, here is how: https://www.genolve.com/design... [genolve.com]
    • by BeaverCleaver ( 673164 ) on Monday November 25, 2024 @05:29AM (#64970097)

      So divert some of the firehose of money going to defense spending to climate spending, here is how: https://www.genolve.com/design... [genolve.com]

      Thank you. The $300BN quoted in this article is in the same ballpark as the AUKUS deal, wherein Australia gives a pile of money to America and England to, maybe one day, be allowed to ride in some nuclear submarines. https://en.wikipedia.org/wiki/... [wikipedia.org]

      So, little old Australia could basically pay for this whole global climate fund all by themselves if they weren't instead hell-bent on trying to buy friendship with America and England. (and simultaneously piss off their biggest trade customer)

    • An enemy that has existed since the earth was formed, that has no government, that follows the same cycles, cycles that dwarf the pathetically short time humans have even been aware of how rain works.

      It always makes me giggle as I see people repeating the same mistakes. King Cnut stood in the sea to show that even he was not capable for turning back the tide, but people still think they can :D

      Spend what you like on fighting the so called enemy of "climate change". We already know the outcome...

  • by Petersko ( 564140 ) on Sunday November 24, 2024 @09:26PM (#64969605)

    This means nothing. For it to matter, it would need:

    - To be much larger
    - Timed for immediacy, not a decade
    - Used for the intended purpose, efficiently and without corruption and redirection

    It's meaningless. More lip service, and not even good lip service. And this business about 75% of the growth in emissions being from emerging economies is a red herring. The growth doesn't matter. The total does. And that's a handful of countries.

    If two guys are kicking you to death, and a third one looks like they're about to join in, paying the newcomer to go away doesn't solve your problem.

    • by AmiMoJo ( 196126 ) on Monday November 25, 2024 @06:07AM (#64970127) Homepage Journal

      It's another case of The West, the developed nations, missing the boat and handing a huge opportunity to China.

      China is manufacturing and installing renewables on a vast scale, unimaginable to us. Last year, in the first 8 months, they installed more solar than the US has in its entire history. More wind than the rest of the world has combined.

      They are doing what we should be doing - racing ahead to green their energy supply, and proving that massive amounts of renewable energy won't cause the grid to collapse. Ramping up manufacturing to an incredible scale, for the domestic market and crucially for exports. Chinese solar panels and wind turbines are the cheapest way to generate electricity, and their EVs reached price parity with fossil cars already.

      People seem to think that the Tesla gigafactory is some kind of achievement of scale, but it's dwarfed by BYD factories. Factories, plural. We just aren't doing enough, despite having huge domestic markets full of relatively affluent consumers. We need to get our act together, for the climate and for our future prosperity.

      • In short "it's amazing how productive dictatorships can be!"

        Thanks, no.

        • by drinkypoo ( 153816 ) <drink@hyperlogos.org> on Monday November 25, 2024 @08:20AM (#64970297) Homepage Journal

          If your only answer to "we should make things cleaner so we can have a future" is "we can't have that because dictatorship" then no matter what your whole plan is to fail and no one should listen to you, and you've also helped make the argument for dictatorship instead of some other system which might work.

        • by AmiMoJo ( 196126 ) on Monday November 25, 2024 @08:24AM (#64970307) Homepage Journal

          That's another good reason why would should be doing more. If the rest of the world sees that our relatively liberal democracies are unable to deal with climate change, but China is... Well, it's not a good advert for our freedoms, is it?

          From an economic point of view, we just have to deal with the fact that China's model of 5 year plans and long term strategy is proving effective. The government says that EVs are the priority, and it creates the certainty needed to invest massive sums in battery factories and EV R&D. Our governments can't quite stick to a timetable for phasing out fossil cars, and support levels change from year to year as elections take place. We also have a problem with fossil fuel interests spreading FUD, something that the Chinese government simply doesn't allow.

          Yeah there is less freedom in China, but freedom isn't a cheat code for your economy to automatically win. Or to avoid catastrophic climate change.

          • Our governments can't quite stick to a timetable for phasing out fossil cars,

            In free societies...the government is the one beholden and answerable to the citizenry....not the other way around.

            In the case here in the US, the general public is NOT ready for EVs only and banish ICE vehicles....we're just not ready for it, not the infrastructure, and the cost of the cars is too high, AND...it doesn't fit with our lifestyles in mass here....not yet.

            The govt in free societies is NOT there to force behavior ont

            • by AmiMoJo ( 196126 )

              So in this free society, where you have decided to screw everyone, what am I supposed to do about it?

              Is this one of those "personal responsibility" moments?

              • So in this free society, where you have decided to screw everyone, what am I supposed to do about it?

                Your perception of my actions really doesn't matter at all....whether what I do is legal is the only final basis on which anything is fully judge able.

                Now...common courtesy, manners, etc....yes, they should be considered, BUT in the end those are niceties and as such, don't really hold any meaningful ground in human interactions.

                So, you have to make new laws if you want something enforceable.....and like

                • by AmiMoJo ( 196126 )

                  So we need a law banning stupid cars. Thanks for the advice.

                  Actually there are other options. Sanctions in countries that don't make enough effort. But it sounds like you guys are about to sanction yourselves. Welcome to the club.

                  • So we need a law banning stupid cars. Thanks for the advice.

                    Until the majority of folks in said country WANT to do that....well, good luck on passing such laws.

        • Wow. We've found your actual, honest to goodness, hill to die on. :) While I appreciate your fervour, if I had to make a trade I'd trade dictatorship now for long term sustainability. Political systems are transitory. We may be pressed into making a purely pragmatic choice. I don't know just how bad the alternative would have to be before I chose to chuck humanity's foreseeable future in the dumpster instead.

      • People seem to think that the Tesla gigafactory is some kind of achievement of scale, but it's dwarfed by BYD factories.

        When you reduce the number of people who have access to capital, this is what occurs. The incumbent doesn't want to take risks.

        We just aren't doing enough, despite having huge domestic markets full of relatively affluent consumers.

        LOL, only about 10% of America is affluent consumers bro. The rest of the folks are left putzing about finding ways to keep their heads above water with more and more failing each year. Hurray for the 10% I guess?

        • by AmiMoJo ( 196126 )

          When you reduce the number of people who have access to capital, this is what occurs. The incumbent doesn't want to take risks.

          I can't tell what you mean by this. Are you saying that Tesla's success has discouraged others from even trying?

      • by RobinH ( 124750 ) on Monday November 25, 2024 @08:57AM (#64970357) Homepage
        That's an interesting narrative that misses a few huge details. For instance, a lot of those huge wind and solar installations are up in the north/west of the country where there isn't any industry, and they didn't build enough infrastructure to get the energy to the major production centers, so a lot of it sits idle. They have way too much capacity and no ability to get it to market. Then you're praising a country for manufacturing lots of EVs when it's known that parts of the country use slave labor, and they have terrible environmental footprint (think chemicals being released untreated into rivers that people drink from, etc.). And the only reason China is switching hard to renewables is because they rely mostly on the middle east for oil imports, and have no way to secure those shipments if anyone wanted to interrupt them. And what China does have is coal and they've been building massive amounts of coal plants while everyone else was shutting theirs down. So don't pretend China is some Shangri-La place where faeries ride unicorns all day. They have a lot of mismanagement and can't even count their population accurately. China is a hot mess.
        • by AmiMoJo ( 196126 )

          Whatever the reason, it's working. Yes they need to improve their grid, but this is China... They went from zero to more high speed rail and more underground metro rail than the rest of the world combined, in less than two decades. They installed more grid scale battery capacity than the rest of the world combined last year too.

          By the way, factories and industrial plants are banned from being within 5km of major rivers now, and monitored for emissions. It's not perfect and arguably some of the dams they are

          • by RobinH ( 124750 )
            Do you think painting hillsides green [nbcnews.com] is great for the environment? I get that we have our problems over here in the west, but when it comes to environmental issues we're decades ahead of China in any meaningful way. Overproducing EVs by dumping the toxic byproducts of battery manufacturing into the local environment is hardly praiseworthy.
            • by AmiMoJo ( 196126 )

              For the sake of argument let's say I agree. So what? Pointing and saying "they are cheating!" isn't going to do much for anyone, least of all us.

            • Ah... you may be "decades ahead" - a somewhat suspect claim to begin with - but all indications are you're in the process of regressing.

  • Either technology save us or we try to survive what is coming.

    • by gweihir ( 88907 )

      That is not looking good at both fronts. Looks like the best we can still hope for is scattered tribes with minimal technology. Civilization survival is pretty much off the table. And if we continue a few more decades like we currently do, species survival also becomes uncertain. Obviously, a lot of the filthy rich and a lot of useful idiots want exactly that.

  • by MpVpRb ( 1423381 ) on Sunday November 24, 2024 @10:07PM (#64969657)

    They accomplish nothing of substance and give the illusion of progress
    The rich, whose fortunes depend on oil, will never give up oil
    The poor will vote for anybody who promises to lower gas prices
    There is no politically viable solution

    • by gweihir ( 88907 )

      There will be solutions. They may just not include humans still being around. What is currently being arranged is an eventual species suicide. All so that some already far too rich assholes can get even richer.

      • > They may just not include humans still being around.

        That is not a solution duh.

        Just turn off all the electricity and be done with it already.

  • by gweihir ( 88907 ) on Monday November 25, 2024 @12:50AM (#64969819)

    ... of doing something. $300B just for that, so that some rich assholes can get even richer making the problem worse.

  • India (Score:3, Insightful)

    by nukenerd ( 172703 ) on Monday November 25, 2024 @05:08AM (#64970071)

    India's representative Chandni Raina slammed the $300 billion as "abysmally poor"

    She should have said $320 billion, to include the amount her country scams out of the "developed" nations.

    She should not get on such a high horse until her nation addresses its massive scale of corruption. If it ever does, that in itself would go a long way towards reducing the colossal amount of pollution India produces. As things stand, any money going to reduce pollution in India, whether internally or from outside, will probably go straight into officials' pockets.

    For all its vast and ever-increasing population, and the massive pollution it produces by air and by sea, India does not seem to have much to show that is positive. Unlike China, which at least manufactures half the things you can buy these days, even if 90% of it is trash or tat; that reminds me to buy my Xmas decorations.

  • by dlarge6510 ( 10394451 ) on Monday November 25, 2024 @05:54AM (#64970117)

    > as groups representing vulnerable small island states and the least-developed countries walked out of negotiations

    Probably as they finally realised the free ride their populations have had was ending. Islands that appeared after most of the water froze on this planet will vanish under the water as it warms up again.

    Man made contributions regardless, you can’t stop the climate from changing. Those islands will, no are part of the dynamics of the planets climate and they will, no ARE re-entering the seas. You can either build a wall and try to keep the water at bay, or become a water based society like in Waterworld, only more developed as you won’t need to be cobbling together stuff, or you understand you can’t hold back the tide forever and like all other humans and species part of this world must continue to take part in the migrations that have always been.

    The ride is over. Either adapt or move. Even if we never had the industrial revolution this would still be happening, perhaps a bit later, but it will still happen and the undeveloped tribes living on those islands in the fictional non-industrialised world we are thinking of will do what all others do, and move. But because they developed as a result of industrialisation and the other "world changing" advances over the last few hundred years which basically "levelled up" the world, I think that all of us, not just the islanders, are quite unwilling and very incapable of considering what Humans of the past would have done, which is to simply move to a better area.

    We all like where we have grown our roots. We are not going to move. Today’s world of politics makes that very difficult. Thus they must adapt, or make a serious effort to move in a world that is more hostile to such things.

    You aint stopping this, basically. Adapt, or move. Venice adapted the first time round, so can these islands.

  • To put the number in context, in 2023, the USA spent $700M on halloween costumes... for pets: https://www.npr.org/2023/10/31... [npr.org]

    $300BN for the whole planet seems like a pretty low number.

    • by DarkOx ( 621550 )

      Ok so we spent less than 1/300th of the climate "investment" enjoying ourselves. Apparently 300Billion with a 'B' isnt enough but its totally rational that flushing another 700M down that toilet would help in some way...

      The entire approach to climate change is dead wrong! We should not be focused on carbon, that is grifter bullshit for the most part. Everyone's zero carbon by 20XX claims are basically accounting tricks.

      The "green" focus should be on habitat preservation and wilderness restoration. That is h

      • There is a correlation between carbon emissions and population/economic output/advancement of civilisation (or however you want to define the antithesis of the "decline" you describe) but it's not a requirement.

        CO2 in the atmosphere, on the other hand. has a very well-defined IR absorption spectrum and absolutely does have a huge effect on climate. I don't think the COP29 delegates are saying that biodiversity _isn't_ important, or that improving CO2 removal by the biosphere isn't useful to address climate

  • ... it's almost as if this political issue is being used to do what people wanted to do anyway; jet around to conferences, flex their power, and slosh money around.

  • Why is it exactly that "developing countries" and "indigent areas" and whatever India, Pakistan, and Gaza are (and soon Lebanon and Azerbaijan and more) are DESERVANT of all these alms and when they don't "magically get" all the money "they want" they threaten to walk out?

    Let them walk out. Refund my taxes. LDCs (formerly third-world-countries) that only exist to collect a hand out are like the entire Trump campaign. Take take take. Then screw over thsoe who gave.

    Enough.

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