The recently concluded 2024 United Nations Climate Change Conference, or COP29, reached an agreement on Sunday, stating that developed countries would provide at least $300 billion in financial support to help developing nations combat climate change—an amount far below last year's commitment.

The current global energy transition targets require substantial financial support. Developing countries may need at least $1 trillion annually, as agreed upon last year. China has been actively urging developed nations to fulfill their commitments and lead by example, said Liu Zhenmin, China's special envoy for climate change, during an interview with China Media Group.