COP29 Climate Summit Ends in Controversy and Discontent

A contentious $300 billion annual climate finance deal by 2035 leaves developing nations frustrated and raises questions about global climate ambition.

• The COP29 summit in Baku concluded with a $300 billion annual climate finance goal by 2035, which many developing nations criticized as inadequate and delayed.
• India, Nigeria, and other Global South countries rejected the deal, citing a lack of trust, collaboration, and sufficient funding to address their climate challenges.
• Developed nations celebrated the agreement as a step forward, with the EU and UN leaders emphasizing its potential to unlock $1.3 trillion in broader climate finance by 2035.
• The summit faced backlash over its process, with accusations of stage-managed decisions and a reliance on multilateral development banks to shift financial burdens to developing countries.
• The outcome highlights growing tensions between developed and developing nations, with calls for greater accountability and urgency ahead of next year’s COP30 in Brazil.

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