COP29: Rich Nations Pledge $300 Billion Annually for Climate Action
Rich countries have pledged to contribute at least $300 billion annually to combat climate change, with a cumulative target of $1.3 trillion by 2035. This milestone was announced in a United Nations press release on Sunday, November 24, 2024.
The announcement follows two weeks of intense negotiations at COP29, the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC).
Delegates also approved rules for a UN-backed global carbon market, aimed at enabling carbon credit trading. This market is expected to incentivize nations to reduce emissions and invest in climate-friendly initiatives.
However, developing nations, which had requested over $1 trillion in annual aid, criticized the deal as insufficient. Describing the agreement as an “insult,” they argued it fails to address the critical resources required to tackle the multifaceted challenges posed by the climate crisis.
Dubbed the “COP on Climate Finance,” this summit sought to establish a new, higher financial commitment, known as the New Collective Quantified Goal (NCQG). This goal will replace the current $100 billion annual target, set to expire in 2025.
