COP29 in Baku: After Overtime, Wealthy Nations Agree to $300 Billion Annual Climate Fund by 2035

Nov 23, 2024, 03:30 PM

At the COP29 climate summit in Baku, Azerbaijan, wealthy nations have agreed to provide $300 billion annually by 2035 to help developing countries combat climate change. The agreement came after extended negotiations, which ran into overtime and were initially stalled over climate finance proposals. Developed countries first proposed $250 billion per year, but this was criticized as insufficient compared to the previous unmet commitment of $100 billion annually by 2020 and developing nations' request for $1.3 trillion annually. The summit was also marked by the withdrawal of the Argentine delegation from the negotiations. The deal, considered a compromise, aims to assist poorer nations in curbing greenhouse gas emissions and adapting to the impacts of global warming, although some nations expressed disappointment over the final amount.