COP29 Reaches $300 Billion Climate Finance Agreement

COP29 concluded in Baku with a disappointing climate finance agreement, where developed nations committed a mere $300 billion annually, far short of the $1.3 trillion expected by 2035. Developing countries expressed deep frustration, with India criticizing the process as an 'optical illusion' and Oxfam framing the deal as a 'global Ponzi scheme' that fails to address the urgent needs of the Global South. The conference highlighted the growing divide between rich and poor nations, raising concerns about trust and the effectiveness of climate action. Despite the setbacks, the conference did introduce the Baku Workplan to enhance the role of indigenous communities and aimed to triple public finance from previous commitments. Critics argue that the financing is mostly loans and not actual funding, leaving many vulnerable nations in peril as climate impacts worsen. Simon Stiell, Executive Secretary of UN Climate Change, emphasized that the success of the new financial goal hinges on timely and complete fulfillment of promises.