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
This is AI generated summarization, which may have errors. For context, always refer to the full article.
LAST DAYS. A man walks past a logo of the COP29 United Nations climate change conference, in Baku, Azerbaijan, on November 22, 2024. REUTERS/Maxim ShemetovThe new goal is intended to replace developed countries' previous commitment to provide $100 billion per year in climate finance for poorer nations by 2020
BAKU, Azerbaijan – Countries agreed on Sunday, November 24, 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, November 23, on rules for a global market to buy and sell carbon credits that proponents say could mobilize billions more dollars into new projects to help fight global warming, from reforestation to deployment of clean energy technologies. –Global Affairs
Azerbaijan Climate Change Environmental Issues United Nations Global Affairs Climate Change Editors' Pick Environment World
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wealthy countries back raising COP29 climate deal to $300 billion, sources sayFive sources with knowledge of the closed-door discussions say the EU has agreed they can accept the higher number. Two of the sources say the United States, Australia, and Britain are also on board.
Read more »
TikTok parent ByteDance's valuation hits $300 billionTIKTOK'S parent company ByteDance is valuing itself at about $300 billion after it recently approached investors about a share buyback program, according to two people familiar with the matter and a document viewed by Reuters.
Read more »
COP29 braces for new deal after poorer nations reject climate offerBAKU, Azerbaijan — Fierce bargaining at UN climate talks in Azerbaijan dragged into Saturday after a $250 billion a year offer from rich nations was flatly refused by developing countries hardest hit by Earth's rapid warming.
Read more »
Civil society at COP29: Proposed $250B finance goal an ‘insult’ to poor nations‘This climate finance is what is owed us, and we want our developing country governments to remember that,’ says Filipino climate activist Lidy Nacpil
Read more »
COP29 agrees deal to kick-start global carbon credit tradingThe agreement hinges on how to ensure credibility in the system so it can reliably lead to reductions in greenhouse gas emissions driving climate change
Read more »
COP29 braces for new deal after poorer nations reject climate offerBaku, Azerbaijan — Fierce bargaining at UN climate talks in Azerbaijan dragged into Saturday after a $250 billion a year offer from rich nations was
Read more »