The countries participating in COP29 agreed this Saturday (23), early Sunday morning (24) in Azerbaijan, the summit’s headquarters, with an annual financial target of US$300 billion to help the poorest countries deal with the impacts of climate change.
Rich countries will lead the payments, according to a hard-won resolution at the Climate Conference in Baku.
The new target aims to replace developed countries’ previous commitment to provide $100 billion a year in climate finance to poorer nations by 2020.
This target was met two years late, in 2022, and expires in 2025.
The countries also agreed on Saturday night (23) on new rules for a global market for buying and selling carbon credits that, according to proponents, could mobilize billions of dollars more in new projects to combat global warming, from reforestation the implementation of clean energy technologies.
*Material being updated
This content was originally published in COP29 closes US$300 billion deal for climate finance on the CNN Brasil website.
Source: CNN Brasil
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