COP29 Climate Summit Sets New Finance Goals, Faces Criticism

Developed nations commit to $300 billion annually by 2035, falling short of demands from developing countries for greater climate finance support.

The COP29 summit in Baku concluded with a pledge from developed nations to provide $300 billion in annual climate finance by 2035, significantly lower than the $1.3 trillion requested by developing nations.
The agreement includes a broader $1.3 trillion annual investment target in climate finance from all sources, but much of this is expected to come from private and multilateral channels, raising concerns about feasibility and equity.
Developing nations, including India and Nigeria, criticized the deal as unambitious and inequitable, with India formally rejecting the decision and raising concerns over the lack of inclusivity in negotiations.
The re-election of U.S. President-elect Donald Trump, a climate skeptic, cast uncertainty over future U.S. commitments, influencing the restrained financial pledges from other developed countries.
Progress was made on Article 6 of the Paris Agreement, establishing standards for international carbon markets, but activists and experts highlighted the summit's failure to address critical funding for vulnerable nations and adaptation needs.