COP29 Leaders Push for $1 Trillion Climate Fund

As COP29 opens in Baku, Azerbaijan, leaders are pushing for a new climate finance goal of up to $1 trillion annually to support developing nations, increasing from the previous target of $100 billion. COP29 President Mukhtar Babayev emphasized the urgency of action, stating, 'We are on the road to ruin,' highlighting the suffering of those affected by climate change. UK Prime Minister Keir Starmer faces pressure to contribute to this fund amid concerns about the potential impact of Donald Trump's re-election on U.S. climate commitments. Countries are grappling with economic challenges and geopolitical issues, which complicate the negotiations for financial support. The talks will also focus on establishing international carbon markets and improving mechanisms for loss and damage financing. The outcome of COP29 is critical, as failure to reach a bold new finance goal would be seen as a disservice to vulnerable populations and the planet.