The United Nations reached a $300 billion climate agreement for developing countries as they grapple with the significant effects of climate change.
Delegates agreed Saturday to the billion-dollar pledge after “weeks of intense negotiations,” the U.N. said.
The annual funding will go toward climate efforts and aim to reach “at least $1.3 trillion” by 2035.
The new funding agreement will replace an existing $100 billion goal set to expire next year.
The summit experienced a series of tense conversations, and the U.N. said some representatives from the Alliance of Small Island States “had walked out of talks.”
U.N. Secretary General António Guterres expressed frustration with the deal, saying he wished for a “more ambitious outcome” to meet the world’s challenges.
Still, he noted that the agreement was significant and should be honored “in full and on time.” He called on developed countries to deliver the aid quickly, and in cash.
“All countries must come together to ensure the top-end of this new goal is met,” he said.
Developing countries worldwide saw the summit as their opportunity to pressure wealthier countries into providing aid since they are often not in conversations with the top global leaders.
The proposal came from the top, the presidency of climate talks, called COP29, in Baku, Azerbaijan.
