UN climate negotiators ended their talks Sunday morning local time with rich nations pledging at least $300 billion a year to help developing countries in the global fight against climate change.
Developing countries were demanding at least one trillion dollars ($1000 billion) for the item and called the $300 billion deal an insult to them.
Developing countries say this amount will not provide them with the support they need to effectively tackle the climate crisis.
At the UN’s annual climate conference, UN-backed global carbon market rules were also agreed.
This carbon market would facilitate the buying and selling of carbon credits, incentivizing countries to reduce their carbon emissions and invest resources in climate-friendly projects.
…to be continued…