COP29 Leaders Push for $1 Trillion Climate Finance Fund

As delegates convened in Baku, Azerbaijan, on Monday for the COP29 summit, high on the agenda was a deal to provide up to $1 trillion in annual climate finance for developing countries, replacing the previous target of $100 billion. In 2009, developed countries pledged to mobilize $100 billion annually by 2020 for climate action in developing countries. Under the 2015 Paris Agreement, this goal was extended to 2025, with an agreement to establish a new target for the period after 2025. The United Nations stated earlier this year that raising the annual climate finance target beyond the $100 billion goal was now essential, noting that $6 trillion will be needed to support developing countries’ climate action plans by 2030....