Global leaders adopt new climate finance pact
Agreement aims to mobilise $1.3T annually by 2030 to support vulnerable nations, with a phased review mechanism starting in 2027.
Negotiators from more than 190 countries approved a new climate finance framework late on Thursday, committing to mobilise $1.3 trillion annually by 2030 for adaptation and clean-energy programmes in vulnerable economies. The agreement caps two weeks of talks that repeatedly stalled over how contributions should be split between public treasuries and private capital.
The framework introduces a phased review mechanism beginning in 2027, under which pledges will be measured against verified disbursements rather than announcements — a first for an accord of this scale. Small-island negotiators, who had threatened to walk out earlier in the week, called the verification clause the deal's most consequential feature.
Implementation now shifts to national capitals, where finance ministries must translate the headline number into budget lines and guarantee instruments. Analysts caution that previous funds have taken years to reach full capacity, and the first tranche reviews in 2027 will be the real test of whether this agreement behaves differently.