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November 24, 2024
COP29 Reaches Historic Agreement: $300 Billion Annually for Developing Countries
The 29th United Nations Climate Change Conference (COP29), held in Baku, achieved a major milestone with a historic agreement committing developed countries to provide $300 billion annually until 2035 to support developing nations in their fight against climate change. This agreement represents a significant step forward in global climate fight, tripling the previous target of $100 billion per year set at the Copenhagen Summit in 2009.
This fund will finance key mitigation and adaptation initiatives in the most vulnerable nations, driving projects in clean energy, environmental conservation, and climate resilience. Additionally, the agreement includes the creation of a global carbon credit market, which will mobilize billions of dollars for sustainable projects, strengthening international cooperation to address environmental challenges.
The agreement reflects the growing global commitment to climate action supporting developing countries, which now have significantly stronger financial backing to confront the impacts of climate change. This initiative opens up new opportunities to create a more sustainable and equitable global future, laying a foundation for future summits to continue strengthening these efforts.
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