Developed nations are urged to contribute $300 billion annually by 2035 to assist poorer countries in addressing climate change, as outlined in a draft deal from COP29 talks in Baku. This new target replaces the previous $100 billion commitment, which was met late, and reflects ongoing tensions between wealthy and developing nations over climate finance responsibilities. The agreement also includes rules for a global carbon credit market aimed at mobilizing additional funding for climate initiatives.
At COP29 in Baku, countries are struggling to secure up to $1 trillion in annual climate finance for vulnerable nations, amid rising geopolitical tensions. Argentina's withdrawal from the talks has raised concerns about its credibility in future climate negotiations, while developed nations remain hesitant to commit significant funds. The urgency for a new finance target is underscored by the expiration of the previous $100 billion goal, with calls for increased contributions from multilateral development banks and the private sector.
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