COP29 Highlights Coal Pledge and Climate Finance Tensions

At COP29, 25 countries and the European Union pledged to cease new unabated coal power projects, although major coal consumers like China and India did not join the pledge. China's role is particularly complex as it accounts for over 30% of global emissions and is not required to cut emissions in the short term due to its developing country status. Small island nations have expressed frustration over insufficient climate finance commitments from wealthy countries, highlighting tensions in negotiating a new climate financing target. The summit also focused on innovations in high-emitting industries and the potential of nuclear power and carbon capture technologies to aid decarbonization efforts. ASEAN countries collaborated to develop a regional carbon credit trading framework to enhance carbon markets in Southeast Asia. Despite advancements, the need for financial support and technology transfer to vulnerable regions remains critical.