Global Leaders Reach Framework Deal on Climate Financing at Emergency Summit

Delegates from more than 40 countries agreed early Thursday on a preliminary framework to expand climate financing for developing nations, capping three days of tense negotiations at an emergency summit. The deal sets a nonbinding target for wealthier economies to more than double annual contributions to a shared adaptation fund by 2030, though several delegations pushed back on enforcement language before it was softened in the final text.

Negotiators described the agreement as a floor rather than a finish line, with technical committees now tasked with drafting binding mechanisms ahead of a follow-up meeting later this year. Small island nations, who had threatened to walk out earlier in the week, welcomed the outcome but cautioned that past pledges have frequently gone unmet.

Markets reacted cautiously, with analysts noting the framework leaves key questions about funding sources unresolved. Officials said a fuller implementation plan is expected within 90 days.