d fought deal clinched at the COP29 conference in Baku. The new goal is intended to replace developed countries’ previous commitment to provide $100 billion per year in climate finance for poorer nations by 2020. That goal was met two years late, in 2022, and expires in 2025. The agreement was criticized by developing nations, who called it insufficient, but United Nations climate chief Simon Steill hailed it as an insurance policy for humanity.
Countries also agreed Saturday evening on rules for a global market to buy and sell carbon credits that proponents say could mobilise billions more dollars into new projects to help fight global warming, from reforestation to deployment of clean energy technologies. Countries are seeking financing to deliver on the Paris Agreement goal of limiting global temperature rise to 1.5 degrees Celsius above pre-industrial levels — beyond which catastrophic climate impacts could occur.