The European Union has signed another global climate-change deal just as the US eyes up a fossil-fuel renaissance.
Brussels signed the new agreement at the COP29 climate summit, due to run from November 11-22 in Baku, Azerbaijan, but extended by over 30 hours to agree the deal on November 24. It includes a significant expansion in the amount of climate transition cash made available to developing countries.
Under the deal, Western developed nations will hand over $300 billion (€286 billion) in climate aid to developing countries yearly until 2035, three times the figure agreed previously.
China, despite having seen its development surge, will not have to make any cash contributions as part of the deal but is instead encouraged to make “voluntary” donations to struggling countries.
“COP29 will be remembered as the start of a new era on climate finance. The EU will continue to lead,” Eurocrat negotiator Wopke Hoekstra declared regarding the new deal.
“This COP delivered an ambitious and realistic goal and an increased contributor base.”
EC wants Europe to prepare for ‘greater security challenges and climate crises’
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— Brussels Signal (@brusselssignal) November 4, 2024
While the US under outgoing President Joe Biden has also signed on to the deal, there is growing speculation that the coming administration under his replacement Donald Trump may not honour the agreement.
Experts anticipate that the 47th President of the US will pull the country out of the Paris climate agreement soon after entering office, having previously exited the deal in 2017 due to fears it gave too much leeway to China.
Trump has pushed for the US to expand its fossil fuel production, frequently using the slogan “drill, baby, drill” while on the campaign trail this year.
The President-elect looks set to pursue this agenda once in office, appointing oil executive Chris Wright to be his energy secretary a few days ago.
The pro-fracking industry insider has previously insisted that oil and gas were key to ending world poverty, something he said should be a greater priority for humanity than solving the “distant” issue of climate change.
Global oil producer Shell has won a landmark climate case in the Dutch courts, annulling an earlier ruling that forced the multinational to cut 45 per cent of its emissions compared to 2019. https://t.co/yEa5IlgdTJ
— Brussels Signal (@brusselssignal) November 12, 2024
