Green Economy and Environment Minister Mike Mposha says 29th Session of the Conference of the Parties -COP-29- to the United Nations Framework Convention on Climate Change failed to address the vast climate financing gap facing developing countries.
Addressing the media in Lusaka today, Mr. Mposha says the conference which was widely referred to as the “finance cop,” only managed to deliver $300 Billion, far below the $1.3 Trillion annually required to finance climate actions in developing nations.
Mr Mposha says the inadequate financial commitment had sparked protests and walkouts by various groups, including the African Group of Negotiators, least developed countries, small island developing states, and the group of 77 and China.
The minister has also highlighted the United Nations Environment Program’s 2024 adaptation gap report, which estimated an annual shortfall of $387 Billion for developing countries to implement their climate commitments.
He adds that the $100 Billion target set in 2009, which was only barely met in 2022, is no longer sufficient to address the escalating impacts of climate change.
On carbon markets, Mr. Mposha says cop29 made significant progress by finalizing the operational framework for article 6 of the Paris Agreement.
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