Done deal: What to expect from the funding deal agreed at UN climate talks
Done deal: What to expect from the funding deal agreed at UN climate talks
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COP29 President Mukhtar Babayev announced a deal for rich countries to financially support poorer nations in combating climate change, resulting in applause despite prior tensions. The agreed $300bn was criticized as insufficient compared to the $1.3trn requested. Multilateral banks are expected to play a key role in bridging the funding gap, while private investors need to increase their contributions. The new agreement aims to assist poorer countries in transitioning to clean energy and adapting to extreme weather events.
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