GENEVA — In a landmark decision, representatives from 140 countries agreed Saturday to a sweeping framework aimed at curbing carbon emissions and accelerating renewable investments. The accord, dubbed the "Geneva Green Compact," establishes a $100 billion annual climate fund, with contributions from both public and private sectors.
Delegates worked through the night to finalize language on technology transfer and deforestation targets. "This is a turning point," said UN Secretary-General Amina Diallo. "We have moved from promises to enforceable commitments."
The agreement also includes a surprising provision for a global carbon border adjustment mechanism, to be phased in over five years. Economists predict it could reshape international trade.
Meanwhile, protests outside the convention center called for faster action. Activists held signs reading "Later is too late." Inside, however, optimism prevailed. "We have built a bridge," said EU lead negotiator Klaus Weber. "Now we must cross it." Further details on implementation will be debated at the COP33 meeting in Nairobi this fall.