At the COP29 summit in Baku, world leaders agreed to set aside $300 billion every year to help poorer countries deal with the effects of climate change. This plan is meant to help stop global warming and protect people from big storms, floods, and droughts. While some countries cheered this deal, others were unhappy, saying it wasn’t enough money to make a real difference.
The deal comes after two weeks of tough talks in Azerbaijan. Some people were frustrated because wealthy countries, who have caused most of the climate problems, didn’t agree to help enough. The $300 billion is meant to help countries hurt by climate change, but many think it’s just a small start.
The United Nations’ climate chief, Simon Stiell, said the deal was like an insurance policy to protect everyone from the dangers of global warming. But for it to work, countries must keep their promises and pay the money on time.
The $300 billion goal is more than the $100 billion wealthy nations promised in 2020, but it’s still less than the amount some say is needed. The deal is part of a bigger plan to raise $1.3 trillion by 2035 to fight climate change.
Developing countries, like island nations that are already feeling the effects of climate change, said this amount is still not enough. One delegate from the Marshall Islands said they were disappointed but saw the deal as a small step forward.
The world’s temperature is already rising, and scientists warn it could increase by as much as 3.1°C (5.6°F) by the end of the century, which could bring even worse floods, droughts, and heat waves. The new deal doesn’t provide a clear plan to cut down on fossil fuels, which are causing the planet to heat up. Some countries, like Saudi Arabia, didn’t agree to stronger actions.
This deal also sets up a system to allow countries to buy and sell carbon credits, which could bring in more money for fighting climate change, like planting trees or using cleaner energy.
In the future, more work is needed to reach the goals and keep the planet safe. President Joe Biden praised the agreement, calling it an important step, but said there’s still a lot to do to protect our world for future generations.
