COP29 Summit Faces Rejection of Finance Deal

The COP29 climate summit in Baku has faced significant challenges as developing countries rejected a draft deal on climate finance, citing inadequate funding from wealthy nations. The proposed $250 billion annual climate finance by 2035 is seen as insufficient by developing nations and civil society groups, who demand at least $1.3 trillion annually to effectively tackle climate change. Negotiations have been further complicated by disagreements on mitigation and adaptation measures, as well as the reluctance of wealthy nations to increase their financial commitment. Additionally, Exxon Mobil's CEO has drawn attention for advocating an 'all-of-the-above' energy strategy, which includes fossil fuels alongside renewables. The summit also highlighted the need for richer countries to compensate poorer ones for climate-related damages, following the establishment of a loss and damage fund. As talks continue past the scheduled end, there remains no consensus on a financing target, with deep divisions persisting between developed and developing nations.