Eamon Ryan welcomes 'hard-fought' COP29 climate deal

Eamon Ryan has welcomed the "hard-fought" deal on climate finance struck by countries at COP29, as activists and aid organisations harshly criticised the agreement.

The outgoing Minister for the Environment, Climate and Communications described the deal to help poorer nations cope with the impacts of climate change as a "hopeful step".

The agreement would provide $300 billion (€288bn) annually by 2035, boosting rich countries' previous commitment to provide $100bn per year in climate finance by 2020.

The agreement includes a broader goal of raising $1.3 trillion in climate finance annually by 2035 - which would include funding from all public and private sources and which economists have said matches the sum needed to address global warming.

"We protected the aim to transition away from fossil fuels reached in Dubai last year, despite attempts by fossil fuel countries to disrupt the process and we overcame real difficulties in the negotiation process to still get a deal over the line," Minister Ryan said.

He added: "I am particularly proud of the role our Irish team played in the negotiations. We have a proud record in climate finance for adaptation and can help build bridges between north and south in our world."

However, Irish aid organisations have poured scorn on the agreement, describing it as an "insult" and "backwards step" and that it does not go far enough to address the issues facing developing nations.

Trócaire said that the annual financial commitment $300bn is a minimal increase from the $100bn per year commitment made in 2009 when inflation is factored in.

"Once again richer countries are dragging their heels when it comes to paying the debt we owe for the climate damage we have caused," said Trócaire's Climate Justice Policy and Advocacy Advisor.

Sinéad Loughran added: "It is the poorest in the world who will continue to suffer the worst consequences of the climate crisis with no safety net."

She said that the agreement failed to fill existing funding gaps for developing countries.

"The climate crisis is not an investment opportunity and saddling poorer countries with more loans in the midst of a debt crisis is not the solution," Ms Loughran said.

But Minister Ryan said it would have "unforgivable and shameful" for rich nations to abandon the talks in Baku.

"This agreement is far from perfect and it does not go nearly far enough, particularly on mitigation, gender and human rights - but it keeps the core principles of the Paris Agreement alive and it gives us a basis to work from as we move forward to make COP30 in Brazil transformational."

However, Friends of the Earth Ireland said COP29 has failed the people who "have done least to cause climate change and who are most vulnerable to climate breakdown".

"Baku is a big F U to climate justice, to the poorest communities who are on the frontlines of climate breakdown... Now it’s back to citizens to demand our governments do the right thing," climate policy campaigner Seán McLoughlin said.

ActionAid Ireland has claimed that the COP29 deal is "not worth the paper it is written on".

The organisation’s CEO Karol Balfe said: "The vaguely worded weak targets in the COP29 outcome provide no real leverage to ensure developed countries pay their fair share."