On Saturday in Baku (Azerbaijan), a new climate agreement was reached, under which wealthy nations committed to providing $300 billion annually to poorer countries by 2035 to help them cope with the catastrophic impacts of the climate crisis. Many developing nations criticized this figure, deeming it grossly inadequate, according to CNN.
Reports indicate that the agreement was achieved after more than two weeks of intense disagreements and tense negotiations. At one point, there were fears that the talks would collapse as delegations representing vulnerable small island states and the least developed nations walked out. However, more than 30 hours past the deadline, an agreement was finally reached among nearly 200 countries.
Under the terms of the agreement, $300 billion will be allocated to vulnerable and impoverished nations to assist them in addressing increasingly destructive extreme weather events and transitioning their economies to clean energy.
"It has been a challenging journey, but we have secured a deal. This new financial target serves as a safety net for humanity amid worsening climate change impacts that affect every nation," commented Simon Steel, head of the UN Framework Convention on Climate Change.
At the same time, it is emphasized that the pledged amount is significantly lower than the $1.3 trillion that economists believe is necessary to assist developing countries in overcoming the climate crisis, for which they bear the least responsibility. This, in turn, has sparked a strong reaction from many developing nations.