Countries at the UN climate talks in Baku reached a new agreement early Sunday on funding for climate action. Rich nations committed to pooling at least $300 billion annually by 2035, far short of the $1.3 trillion requested by developing countries. The deal aims to bridge gaps in climate finance, push public and private sources to invest more, and aid poorer nations in adapting to climate impacts and transitioning to clean energy. The agreement replaces a 15-year-old pact and aligns with targets set in the Paris Agreement.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Countries at the UN climate talks in Baku reached a new agreement early Sunday on funding for climate
00:07action. All the nations committed to pooling at least $300 billion annually by 2035, which is
00:13less than the $1.3 trillion requested by developing countries. The deal aims to bridge gaps in climate
00:19finance, encourage public and private sources to invest more, and assist poor nations in adapting
00:25to climate impacts and transitioning to clean energy. The agreement replaces a 15-year-old
00:30pact and aligns with targets set in the Paris Agreement.
00:34For all things money, visit Benzinga.com slash GSTV.