Global Climate Finance Agreement at COP29 Conference in Baku
Countries agree on $300 billion annual finance target to help poorer nations deal with climate change impacts. Deal hailed as insurance policy for humanity. Agreement reached at COP29 conference in Baku after intense negotiations.
Key Points
- Deal aims to replace previous $100 billion per year commitment by 2020
- Focus on clean energy growth and benefits for all countries
- Agreement includes rules for global market to buy and sell carbon credits
Pros
- Increased funding to help poorer countries address climate change impacts
- Encourages global cooperation and shared responsibility
- Sets ambitious goals for climate finance
Cons
- Criticism from developing nations for being insufficient
- Challenges in ensuring all countries meet financial commitments
- Concerns about lack of inclusion in negotiations