- Advertisement -UNITED NATIONS, Nov 24 (APP): Countries at the United Nations climate conference (COP29) in Baku, Azerbaijan, adopted a $300 billion a year global finance target on Sunday to help developing nations cope with impacts of climate change, a deal it’s intended recipients denounced as ‘an insult’, according to the U.N. This summit had been dubbed the climate finance COP, and representatives from all countries were seeking to establish a new, higher climate finance goal. Beyond finance, COP29 built on previous gains in emissions reduction targets, the acceleration of the energy transition, and a long-sought agreement on carbon markets. UN Climate Change Executive Secretary Simon Stiell described the new finance goal agreed at COP29 as an insurance policy for humanity. Striking a different tone, a representative from the delegation of the European Union said the new climate finance goal would simply will bring much, much more private money on the table, and that is what we need.

Source: The Nation November 24, 2024 16:18 UTC