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The deal reached at UN climate talks in Azerbaijan ramps up the money that wealthy historic emitters will provide to help poorer nations transition to cleaner energy and adapt to global warming.
Here are the main points of the agreement reached at COP29 in Baku:
Under a framework established by the UN in 1992, 23 developed countries — and the European Union — historically responsible for most planet-heating emissions are obliged to contribute to climate finance.
The Baku accord raises the amount of money that developed countries must provide to at least $300 billion per year by 2035.
It is higher than the $100 billion that is currently required under a previous agreement that runs until next year.
But it falls well short of the $500 billion that some developing countries had demanded at the fraught negotiations in Baku.
The deal states that the money will come directly from a “wide variety of sources” including government budgets, private sector investment, and other financing.
It also cites “alternative sources” — a reference to potential global taxes under discussion on the aviation and maritime industries, and the rich.
