27 sources·World

Nations Reach $300 Billion Climate Deal at COP29, but Critics Decry Insufficient Commitment

During COP29, a $300 billion climate funding agreement was reached, criticized by developing nations as inadequate amid pressing climate challenges.

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Updated: Nov 24th, 2024, 9:50 AM ET

Summary

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At COP29 in Azerbaijan, nations agreed to a $300 billion annual funding deal for developing countries to combat climate change, but the sum falls short of the $1.3 trillion requested. Despite being an increase from the previous $100 billion goal, developing nations voiced frustration with insufficient support and a lack of firm commitments to phase out fossil fuels. U.N. Secretary-General António Guterres expressed disappointment, while critics labeled the agreement as inadequate. Key proposals for transitioning away from fossil fuels were not explicitly repeated, raising concerns about future climate action effectiveness.

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