BAKU, RAKYAT NEWS – At COP29 in Baku, Azerbaijan, negotiators were greeted with a promising commitment from major development banks to significantly boost climate financing for poorer countries grappling with global warming.

The World Bank and other development banks have pledged to increase their climate financing to $120 billion by 2030, a 60% increase compared to the $75 billion provided in 2023. This commitment was welcomed by officials, including Ireland’s Climate Minister Eamon Ryan, who described it as a positive development in the ongoing battle against climate change.

The funding boost will be particularly crucial for nations most vulnerable to the impacts of climate change, such as rising sea levels and extreme weather events. However, while the increase is a step in the right direction, Ryan emphasized that it is still insufficient to meet the growing climate challenges. He urged other countries and private corporations to contribute to the effort. COP29’s primary objective is to secure a broad international agreement on climate financing that could eventually reach trillions of dollars, aimed at funding global climate projects.

Developing countries have been pressing for greater commitments from wealthier, industrialized nations, which have historically contributed the most to global warming. Many of these donor countries are also major producers of fossil fuels, complicating the negotiation process. Climate activist Harjeet Singh criticized the approach of wealthy nations, stating that they not only fail to meet their historical obligations for emission reductions but also continue to promote fossil fuel-driven growth, further exacerbating the global climate crisis.