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The deal
Delegates at this year’s COP 29 climate struck an agreement where wealthy countries pledged to provide $300 billion annually by 2035 to developing countries.
This pledge aims to support poorer countries ‘cope with the increasingly catastrophic impacts of the climate crisis,” an increase from a $100 billion annual agreement made 15 years ago.
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What will the money be spent on?
- Helping poorer, more vulnerable countries prepare for the transition to clean energy and away from fossil fuels.
- Building infrastructure and improving farming practices to make them more resilient to extreme weather
- Improve emergency plans and aid in the wake of disasters
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Is it enough?
The $300 billion deal is a far cry from what’s needed to combat climate change. Experts found that $1.3 trillion per year is needed to adopt clean energy practices and curb the magnitude of extreme weather events caused by climate change.
2024 was the hottest year on record, with record-breaking hurricanes, catastrophic floodings and droughts across the globe.
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How might a Trump Presidency affect the Climate Deal?
President-elect Trump has called the climate crisis a hoax and said comments like “drill baby drill,” referring to boosting its domestic oil and coal production. Experts posit that he would pull out the recent climate agreement.
In the past, Trump withdrew the U.S. from the 2015 Paris Agreement and has intentions to withdraw from it again after president Biden re-joined it in 2021.
The United States holds great influence on its financial institutions, and plays a critical role in managing and facilitating climate finance pledges. The United States also ranks 2nd in global greenhouse gas emissions at 13.5%.