‘We are on the road to ruin,’ COP29 President Mukhtar Babayev said.
As delegates convened in Baku, Azerbaijan, on Monday for the COP29 summit, high on the agenda was a deal to provide up to $1 trillion in annual climate finance for developing countries, replacing the previous target of $100 billion.
In 2009, developed countries pledged to mobilize $100 billion annually by 2020 for climate action in developing countries. Under the 2015 Paris Agreement, this goal was extended to 2025, with an agreement to establish a new target for the period after 2025.
“We are on the road to ruin,” COP29 President Mukhtar Babayev said during the Nov. 11 opening of COP29. “Whether you see them or not, people are suffering in the shadows. They are dying in the dark. And they need more than…
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