COP29 Summit Aims to Raise $1 Trillion for Climate-Vulnerable Developing Nations

The 2024 United Nations Climate Change Conference, commonly known as COP29, is in full swing, with the primary goal of securing financial support for developing countries grappling with the worst effects of climate change. IAEA Imagebank / Wikimedia

These nations are advocating for at least $1 trillion annually, a figure that the United Nations Climate Chief, Simon Stiell, insists should not be viewed as charity.

"An ambitious new climate finance goal is entirely in the self-interest of every single nation, including the largest and the wealthiest," Stiell stated at COP29.

Developed countries, currently the primary contributors, are urging other wealthy nations, including China and Gulf States, to share the burden.

However, Beijing has firmly rejected this notion. IAEA Imagebank / Wikimedia

The absence of key leaders, such as those from China and the United States, has cast a shadow over the summit.

Adding to the uncertainty is the return of Donald Trump, who has pledged to withdraw the U.S. from the 2015 Paris Agreement if re-elected. DAMON HIGGINS/PALM BEACH POST/USA TODAY NETWORK / USA TODAY NETWORK via Imagn Images

Despite this, U.S. Climate Envoy John Podesta remains optimistic.

"While the United States federal government under Donald Trump may put climate action on the back burner, the work to contain climate change is going to continue in the United States with commitment and passion and belief," Podesta affirmed at COP29. U.S. Department of the Interior / Wikimedia

Climate activists echoed this sentiment.

Yeb Sano, Executive Director of Greenpeace Southeast Asia, emphasized, "The work must go on. It cannot and does not hinge on any one country, and Trump's re-election can never be an excuse for other nations to scale back the ambition needed." Stichting Greenpeace Council / Wikimedia

With 2024 projected to break new temperature records, the UN has warned that the world is on a trajectory towards a catastrophic 3.1 degrees Celsius of warming this century based on current actions. Joowwww / Wikimedia