COP29 Concludes With Divisive $300 Billion Climate Finance Agreement

Wealthy nations pledge $300 billion annually by 2035, falling far short of developing countries' demands for $1.3 trillion to combat the climate crisis.

• The COP29 climate summit in Baku ended with a $300 billion annual finance commitment by wealthy nations to assist developing countries in addressing climate change by 2035.
• This pledge, criticized as inadequate, represents less than a quarter of the $1.3 trillion per year requested by lower-income nations to adapt to climate impacts and transition to clean energy.
• The agreement allows for private investments and loans, raising concerns about potential debt burdens for developing countries rather than direct public grants.
• Observers noted the absence of significant progress on phasing out fossil fuels and implementing the global stocktake agreed upon at COP28.
• Activists and analysts highlighted the growing influence of fossil fuel lobbyists and the exclusion of grassroots voices, calling for stronger commitments at COP30 in Brazil next year.

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