COP29 Ends with $300B Climate Finance Deal

The COP29 climate summit in Baku concluded with an agreement to raise climate finance to at least $300 billion by 2035, which, despite being an increase from the current $100 billion, fell short of the $1.3 trillion annually demanded by developing countries. This led to dissatisfaction and walkouts by delegates from impoverished nations and small island states. Tensions were high as wealthy countries, led by the EU and US, faced pressure to increase their contributions, while developing nations criticized the reliance on loans and private capital. The summit also finalized rules for a global carbon credit trading market to facilitate investments in climate projects, though concerns about potential greenwashing persist. The discord underscores the ongoing challenges in securing adequate financial commitments and the need for greater cooperation to meet global climate goals.