COP29 Climate Deal Criticized by Developing Nations

At COP29 in Baku, nations reached a contentious agreement pledging $300 billion annually by 2035 to assist developing countries in combating climate change. However, many delegates, particularly from developing nations, condemned the deal as grossly inadequate, with India's representative calling it 'an optical illusion' that fails to address the significant challenges posed by climate change. The target falls short of the $1 trillion estimated need for effective climate action and even below the $500 billion that many poorer countries sought. Critics argued that this agreement reflects a lack of commitment from wealthier nations, who historically contribute most to carbon emissions, and highlighted concerns that much of the funding may come in the form of loans rather than grants. UN climate chief Simon Stiell acknowledged the deal's imperfections but emphasized its role in maintaining momentum for climate action. The outcome has renewed calls from developing nations for more substantial financial commitments to tackle escalating climate threats.