COP29 draft deal proposes rich countries give $250 billion in climate finance
COP29 in Baku: A New Climate Finance Proposal
The 29th Conference of the Parties (COP29) to the UN Framework Convention on Climate Change is taking place in Baku, Azerbaijan. A new draft finance deal proposes that wealthy countries commit $250 billion annually to help vulnerable nations combat climate change and transition to renewable energy. The goal is to reach $1.3 trillion in climate financing by 2035.
Key Proposals
The draft calls for developed countries to lead in mobilizing funds, increasing the current target of $100 billion per year to $250 billion by 2035. This initiative aims to support developing countries in their climate action efforts.
Global Cooperation
United Nations Secretary-General Antonio Guterres emphasized the importance of international cooperation, urging nations to unite for climate justice. He highlighted the need for collaboration amidst geopolitical challenges to ensure a sustainable future for all.
Event Details
COP29 began on November 11 and concludes on November 22, with leaders from around the world, including India, participating in discussions to address the climate crisis.
Doubts Revealed
COP29
COP29 stands for the 29th Conference of the Parties, which is a big meeting where countries come together to talk about how to fight climate change. It's like a global team meeting to save the planet.
Baku
Baku is the capital city of Azerbaijan, a country located at the crossroads of Eastern Europe and Western Asia. It's where the COP29 meeting is happening.
Rich Nations
Rich nations are countries that have a lot of money and resources. They are being asked to help poorer countries deal with climate change by giving money.
$250 Billion Annually
$250 billion annually means that every year, rich countries will give $250 billion to help fight climate change. It's a lot of money to help protect the Earth.
Climate Action
Climate action refers to efforts made to reduce the effects of climate change, like using less fossil fuels and more renewable energy like solar and wind.
Renewable Energy
Renewable energy comes from natural sources that can be replenished, like sunlight, wind, and water. It's better for the environment than burning coal or oil.
UN Secretary-General Antonio Guterres
Antonio Guterres is the head of the United Nations, an organization that helps countries work together on global issues like climate change. He is encouraging countries to cooperate for climate justice.
Climate Justice
Climate justice means making sure that everyone, especially poorer countries, is treated fairly when dealing with climate change. It involves helping those who are most affected by climate problems.
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