Here’s what to know about the new funding deal that countries agreed to at UN climate talks

(24 Nov 2024)
RESTRICTION SUMMARY:

ASSOCIATED PRESS
Baku, Azerbaijan – 23 November 2024
1. Various of the COP29 entrance at night

ASSOCIATED PRESS
Baku, Azerbaijan – 24 November 2024
2. SOUNDBITE (English) Melina Walling, climate reporter, The Associated Press:
"Nations from around the world reached an agreement on how rich countries can cough up the funds to support poor countries in the face of climate change in the early hours Sunday at COP29, but it’s not a perfect arrangement and many parties are still unsatisfied.”
3. Detail of signage
4. Wide of COP29 venue
5. Cutaway of plenary sign
6. SOUNDBITE (English) Melina Walling, climate reporter, The Associated Press:
"Rich countries have agreed to pool together at least $300 billion dollars a year by 2035. It’s not near the full amount of $1.3 trillion that developing countries were asking for, and that experts say was needed. But some delegations said this deal is headed in the right direction, with hopes that more money flows in the future."
7. Mid of plenary hall entrance
8. Cutaway of COP29 sign
9. SOUNDBITE (English) Melina Walling, climate reporter, The Associated Press:
"Election results around the world that herald a change in climate leadership, a few key players with motive to stall the talks and what some called a disorganized host country all led to a final crunch that one expert called a ‘flawed compromise.’”

ASSOCIATED PRESS
Baku, Azerbaijan – 23 November 2024
10. Various of media gathered in COP29 venue

ASSOCIATED PRESS
Baku, Azerbaijan – 24 November 2024
11. SOUNDBITE (English) Melina Walling, climate reporter, The Associated Press:
"Activists and experts expressed concern that the agreement lets rich countries off the hook for their role in the climate disasters that are hurting communities around the world. And members of some developing countries said that the number doesn’t begin to match their needs and they expressed anger and disappointment at the deal.”
12. Pan left of people inside COP29 venue
13. Mid of people inside COP29 venue
14. Wide of people leaving COP29 venue
STORYLINE:
United Nations climate talks adopted a deal to inject at least $300 billion annually in humanity’s fight against climate change, aimed at helping developing nations cope with the ravages of global warming in tense negotiations.

The $300 billion will go to developing countries that need the cash to wean themselves off the coal, oil and gas that causes the globe to overheat, adapt to future warming and pay for the damage caused by climate change’s extreme weather.

It’s not near the full amount of $1.3 trillion that developing countries were asking for, but it’s three times a deal of $100 billion a year from 2009 that is expiring.

Some delegations said this deal is headed in the right direction, with hopes that more money flows in the future.

But it was not quite the agreement by consensus that these meetings usually operate with and some developing nations were livid about being ignored.

COP29 President Mukhtar Babayev gaveled the deal into acceptance before any nation had a chance to speak.

When they did they blasted him for being unfair to them, the deal for not being enough and the world’s rich nations for being too stingy.

Countries also anticipate that this deal will send signals that help drive funding from other sources, like multilateral development banks and private sources.

With this deal wrapped up as crews dismantle the temporary venue, many have eyes on next year’s climate talks in Belem, Brazil.

(AP Video by Joshua A. Bickel)

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