COP31 Delivers $1.3 Trillion Climate Finance Pact

Negotiators at COP31 in Belém agreed a $1.3 trillion annual climate-finance package for developing countries by 2035, tripling the previous $300 billion commitment. The deal, brokered in the final hour of overtime talks, includes new levies on aviation, shipping, and fossil-fuel windfall profits. Small island states called the outcome 'imperfect but historic'. Implementation begins in the 2027 fiscal cycle.