In what can be described as a historic agreement, rich nations have pledged to provide at least $300 billion to developing and poor countries annually from 2035 to combat climate change and its effects.

United Nations Climate Change Executive Secretary Simon Stiell said over a UN website that the new financing deal will benefit humanity.

“This deal will keep the clean energy boom growing and protect billions of lives.  It will help all countries to share in the huge benefits of bold climate action: more jobs, stronger growth, cheaper and cleaner energy for all. But like any insurance policy – it only works – if the premiums are paid in full, and on time,” he said.

However, Stiell said that much works to be done ahead as the world continues to face challenges from climate issues. He also acknowledged that no country got everything they wanted.

“So this is no time for victory laps. We need to set our sights and redouble our efforts on the road to Belém,” he added.

Currently, rich nations pledge $100 billion as assistance to less developed countries to fight climate change and its effects.

The COP29 follows the highly successful COP28 held at the United Arab Emirates from Nov. 30, 2023 to Dec. 13, 2023 where pledges and covenants were executed to attain global food security amid the challenges from climate change and its effects.