Finally, rich countries agree to pay 300 billion dollars to the climate fund

Recent discussions at COP29 in Baku have highlighted commitments from wealthy nations to significantly increase climate finance for developing countries. While a final agreement is still pending, a proposed target suggests tripling the current $100 billion annual climate finance to around $300 billion by 2030. This would be part of broader efforts to mobilize $1 trillion annually, including contributions from private sectors and alternative funding mechanisms like fossil fuel taxes.

However, this pledge has faced criticism. Developing nations, particularly those most vulnerable to climate impacts, argue that the proposed amount is insufficient. Experts note that the financial needs for mitigation and adaptation in these countries far exceed this figure, often cited at over $1 trillion annually. The debate also includes calls for these funds to primarily take the form of grants rather than loans.

Negotiators aim to finalize a detailed plan by the end of the summit, emphasizing the urgency of closing the gap in global climate funding. The outcomes will likely shape international climate policies and aid distribution for years to come.