COP29 President Mukhtar Babayev holds a hammer as he attends a plenary meeting, during the COP29 United Nations Climate Change Conference, in Baku, Azerbaijan November 24, 2024. Photo: Reuters/Maxim Shemetov
Countries agreed on Sunday to an annual finance target of $300 billion to help poorer countries deal with the impacts of climate change, with rich countries leading the payments, according to a hard fought deal clinched at the COP29 conference in Baku.
The new goal is intended to replace developed countries' previous commitment to provide $100 billion per year in climate finance for poorer nations by 2020. That goal was met two years late, in 2022, and expires in 2025.
Countries also agreed Saturday evening on rules for a global market to buy and sell carbon credits that proponents say could mobilise billions more dollars into new projects to help fight global warming, from reforestation to deployment of clean energy technologies.
Countries agreed on Sunday to an annual finance target of $300 billion to help poorer countries deal with the impacts of climate change, with rich countries leading the payments, according to a hard fought deal clinched at the COP29 conference in Baku.
The new goal is intended to replace developed countries' previous commitment to provide $100 billion per year in climate finance for poorer nations by 2020. That goal was met two years late, in 2022, and expires in 2025.
Countries also agreed Saturday evening on rules for a global market to buy and sell carbon credits that proponents say could mobilise billions more dollars into new projects to help fight global warming, from reforestation to deployment of clean energy technologies.