The UN Climate Change Conference, or COP29, concluded on Sunday with a significant agreement: developed countries will commit to injecting at least $300 billion annually by 2035 into the global fight against climate change. This financial pledge aims to support developing nations in their efforts to cope with rising sea levels and extreme weather events.
While the $300 billion represents a threefold increase from the previous annual commitment of $100 billion, it falls short of the $1.3 trillion that many developing countries had advocated for. As a result, some nations have expressed frustration over the gap between the offered funds and their needs.
The allocated funds are intended to help developing countries transition to renewable energy sources, adapt to future warming scenarios, and address the damage caused by climate impacts. These measures are crucial for achieving the Paris Agreement goal of limiting global temperature rise to 1.5 degrees Celsius above pre-industrial levels—a threshold beyond which catastrophic climate impacts could escalate.
According to the 2024 UN Emissions Gap Report, the world is currently on track for a warming of up to 3.1 degrees Celsius by the end of this century if current trajectories continue.
Reference(s):
COP29: $300b in climate finance approved, some left disappointed
cgtn.com
