Developing nations secure a significant financial boost to combat climate change impacts, marking a critical step towards achieving global emission reduction targets.
Countries have agreed on a deal to inject at least US$300 billion annually into the fight against climate change , aiming to assist developing nations in coping with the impacts of global warming . This funding will support these countries in transitioning away from fossil fuels, adapting to future warming, and addressing the damage caused by extreme weather events. While this falls short of the $1.
3 trillion requested by developing nations, it represents a threefold increase from the $100 billion annual commitment made in 2009. Delegations view this agreement as a positive step, with expectations for increased funding in the future. It's also a crucial step toward encouraging countries to establish more ambitious emissions reduction targets, set to be submitted early next year. This aligns with the global plan established at the 2015 Paris Agreement to regularly enhance climate action goals every five years. This commitment aims to keep global warming below 1.5 degrees Celsius above pre-industrial levels. Currently, the world has already reached 1.3 degrees Celsius of warming, with carbon emissions continuing to rise
Climate Change Funding Global Warming Paris Agreement Emissions Reduction
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