COP29 Concludes Amid Funding Disputes

The COP29 climate conference in Baku, Azerbaijan, is currently tackling urgent negotiations on climate finance, particularly how much wealthy nations should provide to help developing countries transition away from fossil fuels and adapt to climate change. Delegates from nearly 200 nations are discussing a new funding goal to replace the outdated $100 billion annual target set in 2009, with developing countries seeking commitments of $1.3 trillion per year. While some progress has been made in recognizing the need for climate adaptation, the overarching theme remains focused on financial contributions. The talks have been complicated by a shift towards climate nationalism, with key emitters like the U.S., China, and India appearing less committed to collective global action. Historically, COP conferences have seen last-minute agreements, but the current lack of trust and commitment from major powers could jeopardize future cooperation. As the summit approaches its conclusion, the pressure is mounting to finalize agreements that will shape international climate policy for years to come.