The world agreed to a new climate deal at COP29 in Baku, Azerbaijan, Saturday, with wealthy countries pledging to provide $300 billion annually by 2035 to poorer countries to help them cope with the increasingly catastrophic impacts of the climate crisis - a figure many developing countries criticized as vastly insufficient.

• The climate crisis requires trillions of dollars annually to address both mitigation (reducing emissions) and adaptation (coping with climate impacts). Reports, such as those from the UN and other global institutions, estimate that:

  • Mitigation efforts alone may need $1 trillion to $2.4 trillion per year by 2030 in developing countries.

  • Adaptation costs in developing nations are expected to reach $140 billion to $300 billion per year by 2030, and potentially $500 billion per year by 2050.

• This means $300 billion annually falls far short of covering even adaptation costs, let alone the broader scope of necessary investments.

  
  

• Moreover, the escalating frequency and severity of climate events (floods, droughts, wildfires) mean adaptation costs are rising. Developing countries are particularly vulnerable and need much more funding to build resilience. Without adequate investment, millions risk displacement, food insecurity, and health crises.