appConfigEntityId

bodyType

customContents

entityId

entityUuid

isVideo

articlePageQuery

article

articleSchemaContent

content

hooksArticlePageAdvertisementConfigArticle

hooksArticlePageFloatingButtonConfigArticle

appConfig

filter

json

liveArticle

Bloomberg

Nearly 200 countries agreed to more than triple the amount of money available to help developing countries confront rapidly warming temperatures.
But the deal reached at the close of the two-week Cop29 summit in Azerbaijan resulted from fractious and at times openly hostile negotiations, producing an agreement that even its supporters may see as insufficient and disappointing.
The process of global climate cooperation will lurch forward from here under the weight of heavier existential questions.
Rich countries have pledged to provide at least US$300 billion annually by 2035, through a wide variety of sources, including public finance as well as bilateral and multilateral deals.
The agreement also calls on parties to work toward unleashing a total of US$1.3 trillion a year, with most of it expected to come through private financing.

Developed and developing countries entered the negotiations far apart on what was necessary yet realistic. At one point on Saturday, the talks even appeared to be on the brink of collapse, before the mood lifted late in the evening following numerous closed-door meetings.
Rich nations are grappling with a slew of fiscal and political constraints, including inflation, constrained budgets and rising populism. The election of Donald Trump and his threat to pull the US out of the landmark Paris climate agreement also hung over the Cop29 summit early on.
Under a compromise to get a deal over the line, rich nations eventually agreed to commit US$50 billion more than what a draft agreement on Friday called for.
They had also made any agreement contingent on reaffirming last year’s Cop28 outcome in Dubai that included a vow to transition away from fossil fuels.
A separate text calls on parties to “contribute to the global efforts” toward that landmark agreement, without explicitly naming fossil fuels.
The promised funding, however, falls short of the trillions of dollars poor and vulnerable nations say they need to climate-proof their economies.
They also want more of that money to come in the form of grants and other affordable financial support, since market-based loans risk deepening their debt burdens.


World leaders meet at UN as planet grapples with climate change, wars, runaway AI

Over 1.6 million in Japan urged to evacuate as Typhoon Dujuan nears Tokyo

Why China is weighing into the debate on how to respond to shrinking coastlines

Why a Chinese farmer’s reunion with a US teacher moved me to tears

Climate change

Cop29 ends with US$300 billion deal on climate finance, saving talks from brink of collapse

European Commissioner for Climate Action Wopke Hoekstra applauds during a closing plenary meeting at Cop29 in Baku, Azerbaijan, on Saturday. Photo: Reuters

Climate activists attend a protest at Cop29 in Baku, Azerbaijan, on Saturday. Photo: EPA-EFE

Trump revives college climate movement, unites green-minded progressives, activists say

Then-Republican presidential nominee Donald Trump speaks at a campaign town hall at the Greater Philadelphia Expo Center & Fairgrounds, on October 14, on stage with moderator South Dakota Gov. Kristi Noem. Photo: AP

Environmental activists rally to demand climate action before US president-elect Donald Trump takes office, in Washington, on November 17. Photo: AFP

A drone view shows damage following the passing of Hurricane Helene, in Asheville, North Carolina, on September 29, 2024. Photo: Reuters

G20 ends with call for urgent action on climate, global health, women’s rights

In closing remarks, Brazilian President Luiz Inacio Lula da Silva touted his country’s record on addressing climate change and urged others to follow suit. Photo: AFP

World leaders including Italian Prime Minister Giorgia Meloni, Canadian Prime Minister Justin Trudeau (centre) and US President Joe Biden prepare for a group photo on Tuesday. Photo: Reuters

Russian Foreign Minister Sergey Lavrov says his country will “respond accordingly” is long-range missiles from Ukraine strike Russian territory. Photo: AP

A second “family photo” of the G20 leaders was taken on Tuesday. Photo: Reuters

Future-proofing rice: how Asia’s farmers are innovating against climate odds

A farmer threshes rice in a field on the outskirts of Varanasi, India, on Monday. Photo: AFP

The entrance to the United Nations Climate Change Conference (Cop29) in Baku, Azerbaijan. Photo: Reuters

A man carries a plastic bucket across the cracked bed of a dried-up pond in Vietnam in March this year, when a blazing month-long heatwave brought drought, parching the land. Photo: AFP

A tractor demonstrates spraying chemicals at an agricultural fair in Bangalore, India, on Thursday. Experts say the use of organic fertilisers enhances soil health. Photo: EPA-EFE

More than 90 per cent of the world’s rice is produced and consumed in the Asia-Pacific. Photo: Reuters

Is China ready to lead the way on fighting climate change after Donald Trump’s return?

China now produces more emissions that the US and EU combined. Photo: Getty Images

News

World

But the agreed funding still falls far short of the trillions poor and vulnerable nations say they need to climate-proof their economies


But the agreed funding still falls far short of the trillions poor and vulnerable nations say they need to climate-proof their economies.


Cop29 ends with US$300 billion deal on climate finance, saving talks from brink of collapse

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}But the agreed funding still falls far short of the trillions poor and vulnerable nations say they need to climate-proof their economies

But the agreed funding still falls far short of the trillions poor and vulnerable nations say they need to climate-proof their economies