In a historic agreement at the COP29 summit, world leaders committed to providing $300 billion annually to assist developing nations in addressing climate change impacts. This deal comes amid mounting pressure to tackle global inequalities in climate adaptation and mitigation efforts. Wealthy nations, including the U.S., pledged contributions to a newly established fund, designed to bolster climate resilience in vulnerable regions.
The negotiations almost collapsed due to disputes over implementation timelines and accountability mechanisms. Delegates from developing countries insisted on immediate action, citing the disproportionate burden they face from climate-induced disasters. Wealthier nations, while agreeing to the fund, emphasized the importance of ensuring transparency in its allocation.
This agreement is seen as a pivotal step toward global climate justice, though critics argue that the funding falls short of the estimated $1 trillion required annually to meet the challenges of global warming. Activists also highlight the urgency for stronger commitments to carbon reduction to prevent catastrophic climate scenarios
