Countries at this year’s 29th Conference of the Parties (COP29), the world’s most important meeting concerning climate change, came to an agreement of an annual financial goal of $300 billion by 2035 to aid poorer nations in handling the impacts of the changing climate through the lead of wealthy countries, in Baku, Azerbaijan on Sunday, November 24.
This deal provides a $200 billion increase from the rich countries’ previous promise of a $100 billion of finance deal per year which will strengthen the use of clean energy and protect billions of people’s lives against the impact of climate change, particularly to less developed nations.
Despite the new climate finance target, the agreement was critized by many developing nations who will be the recipients of the said deal as it is insufficient and will not address the huge challenge on climate problems that the world is facing.
The COP 29 was expected to last only until Friday, November 22. However, the climate summit was extended for more than a day or 32 hours as the negotiators from almost 200 countries struggled to end on an accord.
In the end, the final deal was made and huge applause was heard, where developed nations will offer $300 billion in helping poorer nations around the world in mitigating climate change impacts as well as transitioning to a more sustainable energy. -VC
