COP29 Climate Summit Reaches New Finance Deal

The COP29 climate summit in Baku, Azerbaijan, concluded with a contentious agreement for wealthy nations to provide $300 billion annually by 2035 to aid developing countries in combating climate change, an increase from the previous $100 billion target. This figure is significantly less than the $1.3 trillion experts recommend as necessary. The agreement emerged after lengthy negotiations, with developing nations criticizing the amount as insufficient for their needs. It calls for contributions from public and private sectors, urging international banks and private investors to help bridge the funding gaps. Despite criticisms, the deal is seen as a crucial step for poorer nations to transition from fossil fuels and adapt to climate impacts. The summit faced resistance from oil-producing countries on stronger fossil fuel phase-out commitments, delaying decisions on this matter to future talks.