BAKU — The COP29 summit received a promising early boost as major development banks, including the World Bank, pledged to increase climate finance to $120 billion by 2030. This commitment represents a 60% rise from 2023 funding levels, aimed at supporting developing and middle-income countries grappling with the impacts of global warming.
“This is a positive step,” noted Irish Climate Minister Eamon Ryan, who emphasized that further contributions from governments and corporations are essential. China has also mobilized $24.5 billion to assist developing nations, Vice Premier Ding Xuexiang reported, reflecting China’s ongoing engagement in climate aid.
The conference in Azerbaijan seeks to secure broad international financing commitments to drive climate adaptation and clean energy transition, particularly from wealthier, high-emission nations. Climate advocates like Harjeet Singh have called on developed countries to take stronger action, criticizing their continued fossil fuel reliance. Indigenous leaders globally have pledged to collaborate for greater representation in climate discussions.
With concerns rising over U.S. climate leadership following the recent election, scientists stress the urgency of action as 2024 shapes up to be the hottest year on record, with climate-related disasters surging worldwide.
