Climate decision: We will donate SEK 3,300 billion a year to the third world

Published 24 November 2024 at 08.17

Foreign. 300 billion dollars – equivalent to 3,300 Swedish kronor. That's how much the developed part of the world must give in annual contributions to developing countries until 2035, according to an agreement at the climate summit in Baku last night.

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After intense negotiations and threats of collapse, the COP29 climate meeting in Baku finally managed to reach an agreement on climate finance.

The agreement means that the developed world from 2035 onwards will contribute 300 billion dollars annually to help developing countries reduce their emissions and adapt to so-called climate change.

Despite its success, the agreement was met with criticism from several third world countries, including Cuba and India, which demanded even more money from the West. The negotiations were marked by tension, particularly after groups representing small island states and the least developed countries temporarily left the meeting in protest against earlier proposals.

Negotiations resumed after a lengthy break with COP29 President Mukhtar Babayev urging delegates to work harder for a breakthrough.

– We know that the eyes of the whole world are on us, and time is short, Babayev said during a plenary session late on on Saturday evening according to Euronews.

Finally, the negotiations on the new financial goal, known as NCQG (New Collective Quantified Goal), could be concluded in the early hours of Sunday morning. The previous funding target of $100 billion per year is now replaced with the higher amount, although it fell short of the $500 billion that many developing countries demanded.