The Baku climate summit outcomes caused disappointment among emerging countries

Marcel Salikhov, president of the Institute for Energy and Finance, commented on the Baku climate summit outcomes to the Vedomosti newspaper.

The majority of participants at the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) supported an increase in annual funding for the global fight against climate change from $100 billion to $300 billion.

Such an annual target for climate finance is, in principle, a good sign, but it is clearly not enough to effectively combat rising global temperatures and climate change, Marcel Salikhov says. One of the problems that arises when discussing climate initiatives is their international nature, when projects of developed countries have to be implemented in emerging countries, the expert notes. And this, according to him, goes against the desire of developed countries that would like to spend money on such projects within their borders. In addition, the fact that only $300 billion has been allocated to combat climate change instead of $1 trillion suggests that climate issues are not paramount in most countries, Salikhov believes.