Financial Boost Sparks Hope for Climate Action at COP29

At the COP29 summit, major development banks pledged to increase climate funding for poorer nations, setting a $120 billion goal by 2030. While this move was seen as promising, experts stressed that broader international cooperation and increased commitments from wealthy countries are crucial for impactful climate action.

The COP29 summit received an early encouragement as major development banks pledged increased financial support for poorer countries combating climate change.

A coalition of lenders, including the World Bank, declared their ambition to raise climate finance to $120 billion by 2030, marking a 60% increase from 2023 levels. Irish Climate Minister Eamon Ryan remarked that this is a positive indication, though he emphasized the need for contributions from both nations and corporations.

The summit in Azerbaijan is centered around achieving an extensive climate finance agreement, with developing nations urging substantial commitments from industrialized countries. Amid rising global temperatures, exemplified by recent climate-induced disasters, there's mounting pressure for swift action.

(With inputs from agencies.)