Countries from around the world approved this evening in Baku, at the UN climate conference, an agreement that provides for annual financing of at least 300 billion dollars for developing countries. After two nights of overtime at the conference, COP29, poor and vulnerable countries resigned themselves to accepting the financial commitment of developed countries until 2035, which increases their current commitment, which was set at 100 billion dollars per year.
Since the beginning of the conference, developing countries have demanded much more money, to help them with the energy transition but also to face the problems caused by climate change. This year’s meeting had as its main agenda item the definition of a new amount of support.
The new financial objective painfully adopted at COP29, in Baku, “is an insurance policy for humanity” in the face of the impacts of climate change, but “it is not the time for laps of honor”, reacted the director of UN Climate, after approval of the agreement, already Sunday in the capital of Azerbaijan (local time). “No country has achieved everything it wanted and we are leaving Baku with a mountain of work to do. So this is no time to take victory laps,” Simon Stiell said in a statement.
Source: expresso.pt
