COP29 Reaches $300 Billion Climate Finance Deal After Extended Talks

The agreement aims to triple annual funding from developed to developing nations by 2035 but falls short of expectations.

• Delegates at COP29 in Baku agreed to provide at least $300 billion annually in climate finance by 2035, replacing the previous $100 billion target.
• The broader goal includes mobilizing $1.3 trillion annually by 2035 from public, private, and multilateral sources to address the climate crisis.
• Developing nations and vulnerable states expressed disappointment, arguing the funding is insufficient to meet urgent climate adaptation and mitigation needs.
• Negotiations were marked by walkouts, geopolitical tensions, and criticism of fossil fuel-producing countries for obstructing progress on emissions reductions.
• The deal, while criticized as inadequate, is seen by some as a foundation for future climate action and a step toward aligning global financial systems with climate goals.

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