The international community is struggling to come up with enough funding to adequately address climate change, especially for developing countries that are impacted the most. At the latest climate change conference, COP 29, leaders tripled annual funding for developing nations combatting climate change to $300 billion annually, but it still fell short of the $1.3 trillion experts say is needed. The $300 billion, negotiated in Azerbaijan, renews an agreement made in 2009 to provide poorer nations with $100 billion to transition away from fossil fuels and address droughts, natural disasters and other impacts of climate change. But many critics said they want more money and more creative solutions. “Fossil fuel-producing countries continue to promote their own interests, jeopardizing both the COP negotiations and the fate of humanity,” said Jack Corscadden, a climate campaigner for the Environmental Investigation Agency. “Continued fossil fuel extraction and consumption is not compatible with limiting warming to 1.5°C.” One study, published ahead of the conference, argued that policymakers haven’t been asking enough of sectors with the highest emission rates, most notably oil and gas. Companies have the ability to make significantly higher financial contributions than they are right now — especially when they see unexpected profits. “There is a clear case to include fossil fuel profits on the agenda of [UN] climate finance negotiations and to pursue an international agreement on minimum fossil fuel production taxes,” said the study, which was published in Climate Policy. The study looked at oil and gas profits from 2022, when…This article was originally published on Mongabay
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