COP29 Draft Calls for $250 Billion Annual Climate Finance from Developed Nations

Friday, 22 November 2024, 06:55

Climate finance is the focus of the new COP29 draft, urging rich nations to contribute $250 billion yearly by 2035. This funding aims to assist developing countries in combatting climate disruptions. The agreement underscores the urgent need for equitable support in addressing global climate change challenges.

Barrons — COP29 Draft Calls for $250 Billion Annual Climate Finance from Developed Nations

Global Climate Commitment

The COP29 draft presented in Azerbaijan underscores a pressing call for climate finance. It urges developed nations to commit $250 billion annually by 2035 to support poorer countries in their fight against climate change.

Key Details of the COP29 Draft

This funding is essential for helping vulnerable nations adapt to the impacts of climate change.
The draft emphasizes that rich nations bear a significant responsibility in providing this support.
Mechanisms for monitoring and ensuring transparency in the use of these funds are also outlined.

Importance of Climate Finance

Providing $250 billion annually is crucial for developing countries to implement effective climate strategies and enhance resilience against climate impacts.

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