Climate summit approves funding for developing countries.

Participants of COP-29 agreed on a new climate financing deal

At the UN Climate Summit COP-29, participating countries reached a new collective agreement on funding measures against climate change. According to the agreement, annual expenditures must reach 300 billion dollars. However, many developing countries believe that this amount is insufficient to improve the situation.

During COP-29, held in Baku, Azerbaijan, rich countries have committed to allocate 300 billion dollars annually until 2035 to help poor countries facing climate change issues. However, this amount is considered very low. The agreement was reached after tense negotiations.

The stated sum does not reach 1.3 trillion dollars, which economists believe is needed to combat the climate crisis in developing countries. This has caused outrage in many countries.

The COP-29 summit paid significant attention to financing as an extremely important climate issue. Rich countries, responsible for climate change, committed to allocate 100 billion dollars per year to developing countries by 2020. However, this commitment was only fulfilled in 2022. The 'G7' called for allocating 500 billion dollars to developing countries, but this amount was rejected as economically unrealistic.