Following a two-night extension at COP 29 (COP 29), developing countries accepted this financial commitment from developed countries until 2035.
Financial pledges by developing countries to help them reduce greenhouse gas emissions have been the focus of intense discussions BakuThere is a conflict over which countries should pay and from which sources the money should be withdrawn.
Reuters had previously reported that the European Union, the United States and other rich countries would support the annual global financing target of $300 billion in an attempt to end the impasse at the two-week summit.
The summit was scheduled to conclude on Friday, but was extended for additional time as negotiators from nearly 200 countries sought to reach agreement on a global climate financing plan for the next decade.
The new goal is intended to replace previous pledges from developed countries to provide climate financing worth $100 billion annually to developing countries by 2020. The goal was achieved in 2022, two years later, and expires in 2025.
Countries also agreed on Saturday evening to rules for a global market for buying and selling carbon credits, which supporters say will lead to billions of dollars in investments in new projects supporting the fight against the phenomenon. Global warming.
