The year of 2024 has made history for the environment, but not in a good way.
During the year, one of the most powerful hurricanes ever recorded hit America, wildfires ravaged forests in Canada and Greece, unprecedented monsoon rains led to devastating floods in Pakistan, Bangladesh and India, affecting millions of people.
It's been the hottest year on record, with the global average temperature more than 1.5 degrees Celsius above pre-industrial levels.
No part of the world was untouched by extreme weather.
A new report commissioned by the International Chamber of Commerce highlighted that extreme weather events cost 2 trillion dollars globally in the past decade.
One estimate flags 400 billion dollars worth of damages just in 2024.
COP 29 in Baku, Azerbaijan, in November was thus labeled the "finance COP", where the expectation was a 1 trillion dollar commitment in climate finance for the developing world.
"There isn't lack of money for tackling the climate crisis. It's just that the money is still going in the wrong direction and we need to recalibrate and shift that investment out of fossil fuels," said Mark Watts, executive director of C40 Cities Climate Leadership Group.
Hopes were dashed with a much lower 300 billion dollar annual commitment by developed nations at COP29, with no mention of transitioning away from fossil fuels.
China installed record-breaking solar and wind capacity, contributing to nearly 50 percent of the world's renewable energy growth in 2024.
The country also launched the world's largest green hydrogen plant, reducing dependency on fossil fuels for its industrial sector. Electric vehicle adoption surged, with 40 percent of all cars sold in China now being electric.
Since 2016, China has provided and mobilized funds for green transition and development to the tune of 24.5 billion dollars, helping the global south in its climate action as well.
Extreme weather plagues world in 2024
