Rich countries have pledged $300 billion in aid to developing countries to prepare and respond to climate challenges. The leaders of the countries made the announcement on Sunday (November 24) at the United Nations Climate Conference in Azerbaijan. British media BBC reported this news.
Unable to agree on this fund, the countries negotiated for an additional 33 hours to reach a compromise. After that, the countries agreed to make some changes in the proposed agreement and give its final approval.
Simon Steil, the head of the United Nations' climate agency, said: 'Even though it was difficult, we finally got the deal.'
However, no agreement could be reached at this year's conference on the call made last year to move away from fossil fuels.
The new funds pledged at this year's conference will come from government grants and the private sector like banking.
After long negotiations, the rich countries agreed on the climate fund, but some countries also protested.
Meanwhile, in addition to the pledge of 300 billion dollars, the countries also agreed on the need for at least 1.3 trillion dollars to deal with the climate challenge.
