COP29 Reaches $300 Billion Climate Finance Agreement

At COP29 in Baku, nearly 200 countries reached a contentious agreement to provide developing nations with $300 billion annually by 2035 for climate finance, significantly increasing from the previous target of $100 billion. However, many poorer nations criticized this figure as insufficient, arguing it does not meet the estimated $1.3 trillion needed annually to effectively combat climate change impacts. Prominent representatives from vulnerable countries, such as India and Sierra Leone, expressed their disappointment, claiming the deal reflects a lack of commitment from developed nations. Negotiations were marked by intense disagreements, extending the conference by over a day, with many developing countries feeling marginalized in discussions about their needs. The agreement includes provisions for both public and private finance, but specific commitments on funding sources remain vague. Experts emphasize the urgency of mobilizing additional funds to support transitions away from fossil fuels in the most affected regions.