"Advanced countries are paying 421 trillion won a year to respond to climate"...U.N. General Assembly Agreement on End of Pain

The 29th United Nations Conference of the Parties to the United Nations Framework Convention on Climate Change, which has been struggling over climate response resources, has managed to reach an agreement.

Negotiators from 200 countries gathered in Baku, Azerbaijan, agreed on the 'goal to create new climate resources' early this morning (24th) local time.

According to the agreement released by the United Nations Framework Convention on Climate Change, the public finances borne by advanced countries for developing countries will be tripled to 300 billion dollars a year and about 421 trillion won in Korean money by 2035.

It also includes efforts by all parties to expand the finances of developing countries to $1.3 trillion a year and KRW 1,827 trillion in our money by 2035 through public and private financial resources.

The meeting, which began on the 11th, was followed by a tug-of-war between developed and developing countries and eventually passed the scheduled closing date of 22 days, and negotiators reached an agreement more than 30 hours after closed meetings and overnight negotiations.

Small island nations and least developed countries directly exposed to the threat of climate change suffered from opposition when the draft was released, saying that the burden on developed countries was too small.

They once stopped attending the meeting, saying their position was not properly communicated, and there were concerns about disruptions.

The agreed $300 billion contribution to developed countries is equivalent to 45 matches of global military spending as of 2023 and 40 days' worth of crude oil used worldwide.

The money is provided in cash every year across the public and private sectors of countries suffering from climate change to compensate for the damage and support future responses.

This is a replacement for the previous agreement to provide $100 billion a year in climate resources to impoverished countries by 2020.

The goal, set in 2009, was only implemented in 2022 after the initial deadline, and was set to expire in 2025.Some delegates welcomed the agreement, which was unanimously adopted by

, with a standing ovation, but the backlash remains.

"The 29th Conference of the Parties to the United Nations Framework Convention on Climate Change ended with a minimal agreement on a new $300 billion public climate finance target," Greenpeace said in a statement.

"It's a huge disappointment," Greenpeace climate politics expert Tracy Carter criticized, "300 billion dollars by 2035 is too little, too late."US President

Joe Biden called the agreement a 'historic outcome' and an 'important step forward'.

"Some people may try to deny or delay the ongoing clean energy revolution in the United States and around the world, but no one can reverse it," Mr. Biden said in a statement, stressing that the United States must continue to accelerate its work toward a healthier planet.

The agreement has been reached with difficulty, but the question is whether the agreement will be implemented.

The risk of climate change is growing day by day, with global greenhouse gas emissions soaring to 57 gigatons last year, but concerns are raised as the political environment in each country is becoming increasingly difficult, including the re-election of U.S. President-elect Donald Trump.

Trump, who distrusts climate change, has vowed that the U.S. will step back from global climate cooperation if elected, and has named a famous opponent of climate change as the next U.S. energy secretary, signaling difficulties in responding to climate change.

The New York Times (NYT) described the vulnerability as "an agreement that is not legally binding and is operated mainly by diplomatic pressure."

"Advanced countries are suffering from many financial and political constraints, including inflation, budget constraints and rising populism," Bloomberg said, explaining that Trump's election and his threat to withdraw from the Paris Agreement had an impact from the beginning of the COP29 meeting.

Amid these concerns, attention is now focused on the 30th General Assembly of Climate Change.

The next meeting will be held in Beleng, Brazil next November.