• 2 days ago
COP29: Countries reach $300B climate finance deal

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, November 23, evening 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.

COP29 HOST BROADCASTER / REUTERS VIDEO

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Transcript
00:00I now resume the 11th meeting of the CMA I invite parties to turn to agenda sub
00:06items 11a new collective quantified goal on climate finance. I hereby invite the
00:13CMA to adopt the draft decision contained in document CMA 2024 L.22

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