Negotiators at the United Nations climate summit in Baku agreed to triple funding for developing countries to $300 billion by 2035 to combat climate change.
Independent experts argue that developing countries need $1.3 trillion annually for energy transitions, significantly more than the pledged $300 billion from wealthy nations.
The agreement implores private companies and international lenders to bridge the estimated shortfall in climate financing, reflecting concerns over rich countries' commitments.
The election of Donald Trump heightened the urgency for international economies to transition from fossil fuels, despite concerns he may withdraw from previous climate commitments.
#un-climate-summit #climate-financing #developing-countries #trump-administration #energy-transition
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