Climate talks stall as world grapples with the cost of ending fossil fuels.
As the UN climate summit unfolds in Belém, Brazil, a crucial debate is underway – who should foot the bill for a transition away from oil and gas? The stakes are astronomical, with climate finance standing at $1.3 trillion annually, but rich nations have consistently fallen short on commitments.
Last year's climate talks yielded a paltry $300 billion commitment by 2035, much of it in loan form or "mobilised" private funding. According to ActionAid analysis, less than 3% of this money went towards supporting workers and communities during the transition – a far cry from the promised $19 billion.
The International Energy Agency has declared that the world will hit peak coal, oil, and gas use by the end of the decade, with renewable energy taking its place. Economists say this is not due to shifting government priorities but rather the economics of clean energy winning out.
Africa, for instance, holds immense potential for renewable energy generation – a 1,000-fold increase in electricity production by 2040, with excess capacity for export. Yet, globally, fossil fuel use remains woefully slow, and it is here that the divide between rich and poor nations comes into focus.
Article 9.1 of the Paris agreement calls on developed countries to fund climate adaptation in developing nations as grants – a stance opposed by richer nations, which prefer carbon markets and public-private financing.
The lack of progress has many warning that without drastic change, the world is heading for catastrophic temperatures exceeding 2.6°C by century's end, setting up an increasingly unstable planet. The question remains: will rich nations accept their fair share of responsibility or continue to wring their hands as the climate crisis deepens?
As the UN climate summit unfolds in Belém, Brazil, a crucial debate is underway – who should foot the bill for a transition away from oil and gas? The stakes are astronomical, with climate finance standing at $1.3 trillion annually, but rich nations have consistently fallen short on commitments.
Last year's climate talks yielded a paltry $300 billion commitment by 2035, much of it in loan form or "mobilised" private funding. According to ActionAid analysis, less than 3% of this money went towards supporting workers and communities during the transition – a far cry from the promised $19 billion.
The International Energy Agency has declared that the world will hit peak coal, oil, and gas use by the end of the decade, with renewable energy taking its place. Economists say this is not due to shifting government priorities but rather the economics of clean energy winning out.
Africa, for instance, holds immense potential for renewable energy generation – a 1,000-fold increase in electricity production by 2040, with excess capacity for export. Yet, globally, fossil fuel use remains woefully slow, and it is here that the divide between rich and poor nations comes into focus.
Article 9.1 of the Paris agreement calls on developed countries to fund climate adaptation in developing nations as grants – a stance opposed by richer nations, which prefer carbon markets and public-private financing.
The lack of progress has many warning that without drastic change, the world is heading for catastrophic temperatures exceeding 2.6°C by century's end, setting up an increasingly unstable planet. The question remains: will rich nations accept their fair share of responsibility or continue to wring their hands as the climate crisis deepens?
- Franklin D. Roosevelt 
. I mean, $1.3 trillion a year and still no one's stepping up to pay for this transition. It's like they're all hoping someone else will do it, but we all know that's not gonna happen 
. And don't even get me started on the 3% figure from ActionAid - less than 1 in 100 of that money went towards supporting workers and communities... what a joke 
.
. Meanwhile, we're all stuck here watching as the planet burns 
. Someone needs to do some serious soul-searching around here 
.
. It seems like everyone's just passing the buck and expecting someone else to foot the bill 
. Meanwhile, Africa has an amazing opportunity to tap into renewable energy and generate its own electricity 
, but we're not seeing enough support from developed nations.
. And it's not like this money is just magically appearing out of thin air 
. We need real commitments and action from rich countries, not just empty promises 
. The clock is ticking, and if we don't get our act together, the consequences will be catastrophic 
. Let's see some real leadership here 
.
and it's time for rich nations to step up. They need to pay their fair share, not just give some token amount 
. 
! Africa is ready for this, let's support them 
. The world is counting on us 
.
This is so frustrating... Rich countries are basically saying they don't wanna pay for the transition to clean energy, leaving poorer nations with the burden. Like, what's the point of having a deal if no one's gonna back it up financially? 
And what's with all the loopholes? "Mobilized" private funding this, carbon markets that... it's just a bunch of fancy words for "we don't want to pay". 
. We need rich nations to step up their game and accept their fair share of responsibility 
. Africa has so much potential when it comes to renewable energy generation – let's not ignore it 
.
. We need drastic change, and we need it now 
.