BAKU - Countries agreed on Sunday to an annual finance target of $300 billion to help poorer countries deal with impacts of climate change, with rich countries leading the payments, according to a hard 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.
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.The world is currently on track for as much as 3.1C of warming by the end of this century, according to the 2024 UN Emissions Gap report, with global greenhouse gas emissions and fossil fuels use continuing to rise.
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