As delegates convened in Baku, Azerbaijan, on Nov. 11 for the 2024 U.N. climate change conference (also called COP29), high on the agenda was a deal to provide up to $1 trillion in annual climate finance for developing countries, replacing the previous target of $100 billion.
In 2009, developed countries pledged to mobilize $100 billion annually by 2020 for climate action in developing countries. Under the 2015 Paris Agreement, this goal was extended to 2025, with an agreement to establish a new target for the period after 2025.
