What to expect from the funding deal agreed at UN climate talks

illuminem summarizes for you the essential news of the day. Read the full piece on Euronews or enjoy below:

🗞️ Driving the news: COP29 concluded with a $300 billion annual climate finance deal by 2035 for developing nations, narrowly avoiding a collapse after intense negotiations
• The agreement was met with criticism from developing nations, which called the amount inadequate compared to their $1.3 trillion demand
• Meanwhile, agreements were also reached on Articles 6.2 and 6.4 of the Paris Agreement, enabling global carbon trading markets

🔭 The context: The summit highlighted geopolitical tensions, with rich nations reluctant to meet the ambitious finance goals demanded by vulnerable countries
• Many nations, including small island states and least-developed countries, staged walkouts during negotiations
• Despite compromises, COP29 failed to fully address the urgent climate finance needs to mitigate and adapt to worsening climate impacts

🌍 Why it matters for the planet: The $300 billion commitment is a step forward but falls short of the scale of finance needed to meet global climate targets and protect vulnerable nations
• The deal underscores the urgent need for increased ambition from wealthier countries to bridge the climate finance gap
• Without substantial funding, progress toward limiting global warming to 1.5°C remains in jeopardy

⏭️ What's next: Attention shifts to COP30 in Belém, Brazil, which is being touted as the “COP of COPs” for its potential to address unresolved issues
• Nations must work on a roadmap to meet the broader $1.3 trillion finance target while enhancing transparency and accountability
• The success of carbon markets and the delivery of pledged funds will be closely monitored

💬 One quote: “This new finance goal is an insurance policy for humanity… but it only works if the premiums are paid in full and on time” – UN Climate Chief Simon Stiell

📈 One stat: The $300 billion annual pledge for 2035 represents a modest increase from the earlier draft proposal of $250 billion

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