UN Climate Conference in Baku Sets New Financing Target of $300 Billion Annually for Developing Countries
At the UN Climate Conference in Baku, countries reached an agreement on a new climate financing target of $300 billion per year for developing nations by 2035, a decision that disappointed many, including India’s representative, who argued it was too small and delayed. This new target triples previous commitments but still falls short of the estimated $1.3 trillion needed annually. Despite the limited outcome, the agreement avoided regression in climate efforts amidst ongoing global disputes, marking a tentative step forward in international cooperation.