In what environmental advocates are calling a watershed moment, the Global Climate Summit in Geneva has concluded with 193 nations signing a legally binding agreement to phase out fossil fuel subsidies by 2030 and triple renewable energy capacity by 2035.
The agreement, known as the Geneva Climate Compact, includes a $500 billion annual climate finance commitment from developed nations to support the transition in developing countries. Key provisions include mandatory emissions reporting, a global carbon pricing mechanism, and accelerated timelines for methane reduction.
While the agreement has been praised as the most ambitious climate deal since the Paris Agreement, some climate scientists argue that the timelines may still be insufficient to limit global warming to 1.5 degrees Celsius above pre-industrial levels.
Updated: