At COP29, Developed Nations Pledge $300 Billion Annually by 2035 to Aid Climate Efforts

Nov 23, 2024, 09:39 PM

At the United Nations COP29 climate summit in Baku, Azerbaijan, developed nations agreed to provide $300 billion annually by 2035 to help developing countries combat climate change. The agreement was reached after intense negotiations that extended into overtime and came after an initial proposal by the Azerbaijani COP29 presidency of $250 billion, which was considered insufficient by many developing nations. Wealthy countries, including the United States and the European Union, raised their offer to $300 billion in response to calls for greater financial support, although developing nations had sought $1.3 trillion annually. The agreement aims to assist poorer countries in transitioning to cleaner energy sources, adapting to the impacts of global warming, and addressing climate-related damages. Despite the deal, some countries like India expressed disappointment, viewing the financial commitment as inadequate. The agreement was reached early Sunday and also encourages efforts to mobilize a total of $1.3 trillion per year for climate finance by 2035.