World Reaches Climate Finance Deal, Short of Full Funding Target

At the climate talks, countries around the world reached an agreement on how rich countries can provide funds to support poor countries in the face of climate change. The summit focused on the financial responsibility of industrialized nations to help developing countries cope with the worsening damage caused by climate change. While not perfect and met with dissatisfaction from some, the agreement is seen as a step in the right direction by many.

The World Resources Institute president and CEO Ani Dasgupta called it “an important down payment toward a safer, more equitable future,” but also acknowledged the disappointment of the poorest and most vulnerable nations, who felt wealthier countries didn't contribute enough. Negotiations stretched on through early Sunday after the summit was initially scheduled to end on Friday evening. Tensions were high as delegations attempted to bridge the gap in expectations. Rich countries have agreed to pool at least $300 billion annually by 2035, falling short of the $1.3 trillion requested by developing countries and deemed necessary by experts. However, some delegations viewed this deal as a positive move, hoping for increased funding in the future. The agreement includes a call for all parties to work together using “all public and private sources” to reach the $1.3 trillion annual goal by 2035. This involves encouraging international mega-banks, backed by taxpayer dollars, to contribute financially. It also aims to inspire companies and private investors to follow suit and channel funds towards climate action. This agreement is a crucial step in assisting countries in setting more ambitious targets to limit or reduce emissions of heat-trapping gases, which are expected to be established early next year

México Últimas Noticias, México Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Exclusive-ADB increases climate finance after US, Japan give world's first sovereign guaranteesExclusive-ADB increases climate finance after US, Japan give world's first sovereign guarantees
Fuente: Investingcom - 🏆 450. / 53 Leer más »

SingularityDAO, SelfKey and Cogito Finance Token-Holders Approve Merger to Form Singularity FinanceCrypto Blog
Fuente: Crypto_Potato - 🏆 568. / 51 Leer más »

Climate Campaigners Demand COP29 Free of 'False' Finance SolutionsJulia Conley is a staff writer for Common Dreams.
Fuente: commondreams - 🏆 530. / 51 Leer más »

COP29 Begins With Climate Finance, Absent Leaders, and Trump Looming LargeThe annual UN climate summit has kicked off in Baku, Azerbaijan, with lofty goals, but many global leaders missing.
Fuente: WIRED - 🏆 555. / 51 Leer más »

Explainer-Why are countries fighting over climate finance at COP29?Explainer-Why are countries fighting over climate finance at COP29?
Fuente: Investingcom - 🏆 450. / 53 Leer más »

Rich nations' fight over climate finance 'humiliating': Bangladesh's YunusThe comments illustrate the frustration of developing countries seeking substantially more money from rich nations to help them adapt to climate shocks and transition to cleaner energy.
Fuente: trtworld - 🏆 101. / 63 Leer más »