Eamon Ryan has expressed his approval of the “hard-fought” climate finance agreement achieved by nations at COP29, despite criticism from activists and aid organizations regarding the deal.The outgoing Minister for the Environment, Climate and Communications characterized the accord as a “hopeful step” aimed at assisting poorer countries in dealing with the repercussions of climate change.
This agreement aims to provide $300 billion (€288bn) per year by 2035, significantly enhancing the previous commitment from wealthy nations to deliver $100bn annually in climate finance by 2020.
Additionally, the deal outlines a more extensive objective of securing $1.3 trillion in climate finance each year by 2035, encompassing funds from both public and private sources, which economists have suggested is necessary to combat global warming.
Activists at the summit in Baku are advocating for climate finance to support developing countries.
He remarked, “I take great pride in the contribution our Irish team made during the negotiations. We have a commendable track record in climate finance for adaptation and can facilitate connections between the northern and southern regions of our globe.”
Nevertheless, Irish aid organizations have criticized the agreement, labeling it as an “insult” and a “backwards step,” asserting it falls short in addressing the challenges faced by developing nations.
Trócaire pointed out that the annual financial commitment of $300bn represents only a marginal increase from the $100bn commitment made in 2009, particularly when inflation is considered.
“Once again, wealthier nations are slow to meet their obligations in compensating for the climate damage we’ve inflicted,” stated Trócaire’s Climate Justice Policy and Advocacy Advisor.
Sinéad Loughran emphasized, “The most impoverished populations will continue to bear the brunt of the climate crisis without any safety net.”
She further noted that the agreement does not address the existing funding shortfalls for developing countries.
“The climate crisis should not be viewed as an investment opportunity, and burdening poorer nations with additional loans during a debt crisis is not a viable solution,” Ms. Loughran concluded.
Eamon Ryan addressing the media at the conference in Baku.
Despite the criticism, Minister Ryan argued that it would have been “unforgivable and shameful” for affluent nations to abandon the discussions in Baku.
“This agreement is far from ideal and does not sufficiently tackle issues related to mitigation, gender, and human rights—however, it preserves the essential tenets of the Paris Agreement and provides a foundation for future progress as we aim to make COP30 in Brazil transformative.”
Conversely, Friends of the Earth Ireland asserted that COP29 has let down those who are most vulnerable to climate change, despite being the least responsible for its causes.
“Baku is a significant affront to climate justice and to the poorest communities facing the impacts of climate change… It is now up to the citizens to urge our governments to act appropriately,” said climate policy campaigner Seán McLoughlin.
ActionAid Ireland has declared that the COP29 agreement is “not worth the paper it is printed on.”
The organization’s CEO Karol Balfe remarked, “The vaguely articulated weak targets in the COP29 outcome provide no substantial leverage to ensure that developed nations contribute their fair share.”
