 Energy & Environment |
Energy & Environment |
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COP30 closes with deal on climate finance |
Countries around the world have agreed to put more money toward fighting climate change as this year's COP30 climate summit concludes in Brazil. |
© Eraldo Peres, Associated Press |
A formal decision released over the weekend said the nations will seek to mobilize at least $1.3 trillion per year by 2035 to help developing countries with the issue. While climate change is a global matter, some developing nations are expected to be hit the hardest. At the same time, many have fewer resources to combat the issue. The agreement also "calls for efforts" to triple financing to help countries adapt to the impacts of climate change, which is expected to exacerbate extreme weather, including by making storms more frequent and intense. The decision was agreed at the annual climate summit, held this year in Belém, Brazil. The U.S. was absent from the talks. Some said that the agreement did not go far enough. In a post on the social platform X, former Vice President Al Gore criticized the COP30 decision for not including an agreement to phase out fossil fuels, which are the main driver of climate change. "Petrostates and their political allies are doing everything they can to try to stop the world from making progress on solving the climate crisis. They fiercely opposed what would have been the most important step forward at COP30: the development of a roadmap away from fossil fuels, wanting nothing more than for the world to kick the oil can down the road," Gore wrote. Read more at TheHill.com. |
Welcome to The Hill's Energy & Environment newsletter, I'm Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. |
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