Here’s what to know about the new climate finance deal agreed to at COP29

Activists participate in a demonstration for climate finance at the COP29 U.N. Climate Summit, Friday, Nov. 22, 2024, in Baku, Azerbaijan..

The text included a call for all parties to work together using “all public and private sources” to get closer to the $1.3 trillion per year goal by 2035. That means also pushing for international mega-banks, funded by taxpayer dollars, to help foot the bill. And it means, hopefully, that companies and private investors will follow suit on channeling cash toward climate action.

The Philippines, for example, has been hammered by six major storms in less than a month, bringing to millions of people howling wind, massive storm surges and catastrophic damage to residences, infrastructure and farmland. The ending of COP29 is “reflective of the harder geopolitical terrain the world finds itself in,” said Li Shuo of the Asia Society. He cited Trump’s recent victory in the US — with his promises to pull the country out of the Paris Agreement — as one reason why the relationship between China and the EU will be more consequential for global climate politics moving forward.

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