Countries agree to $300 billion climate finance target at COP29 in Azerbaijan

At COP29 in Baku, Azerbaijan, countries agreed to a new climate finance target of $300 billion annually for poorer nations. This replaces the previous commitment of $100 billion per year, which was met two years late in 2022. The new agreement aims to enhance support for countries facing climate change impacts. The previous goal expires in 2025, making this new target significant for future funding. Additionally, countries established rules for a global carbon credit market, which could generate more funding for climate projects, including reforestation and clean energy initiatives.