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International climate action has long rested on the consequential distinction between the Global North and the Global South. Wealthier, earlier-to-industrialize nations contributed the most to a warming planet while developing countries bear the brunt of the climate crisis. As a result, developed countries have been called on to help developing nations reduce their carbon emissions and adapt to climate change by providing financial assistance, technology, and other resources.
This essential premise has been embedded in various climate agreements signed since the 1990s, including the most recent pact inked at the 29th Conference of Parties, or COP29, in Baku, Azerbaijan, late last year. There, wealthy countries agreed to provide $300 billion per year to developing nations by 2035.