Global Leaders Set $300 Billion Climate Finance Target at COP29

At the COP29 conference in Baku, nations agreed on a new annual finance target of $300 billion to assist poorer countries with climate change impacts. This goal, taking effect after the $100 billion target, also includes new carbon credit market rules to boost funding for climate projects.

In a landmark agreement at the COP29 conference in Baku, countries set a new annual climate finance target of $300 billion to aid poorer nations in combating climate change. Wealthier countries will spearhead the contributions, marking a significant increase from the previous $100 billion target.

This new financial goal arrives as the $100 billion commitment, initiated in 2020 and met in 2022, nears its expiration in 2025. The agreement showcases a global resolve to tackle escalating climate challenges and underscores the urgent need for increased funding.

Additionally, the conference yielded rules facilitating a global market for carbon credits. Proponents believe this mechanism could unlock further funding, channeling billions into climate action projects such as reforestation and clean energy deployments, thereby enhancing efforts to mitigate global warming.

(With inputs from agencies.)