COP29 Ends with Contentious Climate Finance Agreement

The 29th UN Climate Change Conference (COP29) concluded in Baku, Azerbaijan, with a contentious agreement where wealthy nations committed to providing $300 billion annually by 2035 to assist developing countries in combating climate change. While this sum is an improvement over prior commitments, it falls significantly short of the $1.3 trillion per year that developing nations and experts have deemed necessary. This outcome left many poorer countries disillusioned, calling the pledge inadequate and likening it to an 'insult' amid increasing climate crises. The conference faced significant challenges, including geopolitical tensions, accusations of negotiation tampering, and protests over insufficient financial commitments. Despite the financial deal, the summit also managed to finalize the international carbon market mechanism under Article 6 of the Paris Agreement, marking an important procedural step forward. However, the overall sentiment reflected a lack of ambition and raised concerns about the effectiveness of the COP process in addressing urgent climate needs.