Close Menu
orrao.com
  • Home
  • Business
  • U.S.
  • World
  • Politics
  • Sports
  • Science
  • More
    • Health
    • Entertainment
    • Education
    • Israel at War
    • Life & Trends
    • Russia-Ukraine War
What's Hot

Trump-Putin Meeting Put Off – The New York Times

October 22, 2025

Should Joining Social Media Be Treated Like Getting A Driver’s License?

October 22, 2025

What Is 3 Before Me?

October 22, 2025
Facebook X (Twitter) Instagram
orrao.comorrao.com
  • Home
  • Business
  • U.S.
  • World
  • Politics
  • Sports
  • Science
  • More
    • Health
    • Entertainment
    • Education
    • Israel at War
    • Life & Trends
    • Russia-Ukraine War
Subscribe
orrao.com
Home»Business»COP29: Wealthy polluters to pay $300 billion a year
Business

COP29: Wealthy polluters to pay $300 billion a year

November 24, 2024No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email



The world adopted a bitterly negotiated climate deal on Sunday that committed the historically polluter-rich $300 billion annually to poor and vulnerable nations demanding much more to combat the global warming crisis.

After two long weeks of chaotic negotiations and sleepless nights, nearly 200 nations rallied against the contentious financial treaty in the early hours of the morning under a sports stadium in Azerbaijan.

Nations struggled to reconcile long-standing divisions over climate finance. The sleep-deprived diplomats, huddled in anxious groups, were still revising the last sentence of the plenary session before passing the agreement.

At some points, the talks appeared on the brink of collapse, with developing nations threatening to walk out of the meetings unless rich nations coughed up more money.

In the end – despite repeating that no deal is better than a bad deal – they did not put it on the road to an agreement, even though it has been very far from what they want.

The latest agreement commits developed nations to pay at least $300 billion by 2035 to help developed countries green their economies and prepare for the worst disasters.

That’s more than $100 billion provided by wealthy nations under an expiring pledge, and up from the $250 billion proposed in Friday’s draft.

The offer was considered offensively low by developing countries, which have called for at least $500 billion to build resilience against climate change and reduce emissions.

Some countries have accused Azerbaijan, an authoritarian oil and gas exporter, of lacking the experience and will to rise to the occasion as the planet again sets record temperatures and faces rising deadly disasters.

Wealthy countries and small island nations have also expressed concern over Saudi Arabia’s efforts to curtail calls to phase out fossil fuels at last year’s summit.

The United States and the EU have sought to include newly rich economies such as China—the world’s largest emitters.

The latest draft encouraged developing countries to make voluntary contributions, reflecting no change for China, which already pays climate finance on its own terms.

Rich nations said it was politically unrealistic to wait any longer for direct government funding.

Donald Trump, a skeptic of both climate change and foreign aid, returned to the White House in January and many other Western countries have seen right-wing backlash against the green agenda.

The agreement sets a higher overall target of $1.3 trillion a year to fight climate change and disasters, but most of it would come from private sources.

How many degrees of separation are you from the world’s most powerful businessmen? Check out who made our new list The 100 most powerful people in the company. Also, learn about the measurements we used to learn.



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleOriginal ‘Wheel of Fortune’ Host Chuck Woolery Dead at 83
Next Article Can RFK Jr make America’s diet healthy again?
Admin
  • Website

Related Posts

Business

Trump administration plans to investigate and maybe cut $4 billion in funding for California high-speed rail

February 21, 2025
Business

Meta approves bonuses of up to 200% of company executives’ salaries a week after laying off 3,600 employees

February 21, 2025
Business

Trump’s Medicare pick Dr. Oz holds millions in companies that he’d oversee if he’s confirmed

February 21, 2025
Add A Comment
Leave A Reply Cancel Reply

Latest News
U.S.

Biden will honor tribal requests by designating 2 new national monuments in California

January 7, 2025
Entertainment

‘The Voice’ Alum Ryan Whyte Maloney Fatally Shot Himself Over Argument With Fiancée About Jacket

January 30, 2025
Sports

Las Vegas GP: George Russell tops Practice Three as Mercedes maintain pace ahead of qualifying | F1 News

November 23, 2024
Sports

Lauren Price knocks out Bexcy Mateus as Lee Cutler beats Stephen McKenna in epic | Boxing News

December 15, 2024
Entertainment

Osundairo Brothers React To Jussie Smollett’s Overturned Conviction

November 22, 2024
Politics

Did You Know Consumer Debt Has Reached an All-Time High?

April 28, 2025
Categories
  • Home
  • Business
  • U.S.
  • World
  • Politics
  • Sports
  • Science
  • More
    • Health
    • Entertainment
    • Education
    • Israel at War
    • Life & Trends
    • Russia-Ukraine War
Most Popular

Why DeepSeek’s AI Model Just Became the Top-Rated App in the U.S.

January 28, 202552 Views

Why Time ‘Slows’ When You’re in Danger

January 8, 202515 Views

Top Scholar Says Evidence for Special Education Inclusion is ‘Fundamentally Flawed’

January 13, 202511 Views

Antoine Semenyo shines for Bournemouth but Liverpool look unstoppable – Premier League hits and misses | Football News

February 1, 20259 Views

Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox, every month.

Check your inbox or spam folder to confirm your subscription.

  • Home
  • About us
  • Get In Touch
  • Privacy Policy
  • Terms & Conditions
© 2025 All Rights Reserved - Orrao.com

Type above and press Enter to search. Press Esc to cancel.