Business seeks clarity on climate finance and carbon trading after COP29 agreements

At COP29 in Baku, countries agreed to a $300 billion annual climate finance target by 2035, but many developing nations argue this is insufficient. The focus is now on creating clear, actionable climate plans ahead of the next summit in Brazil. The recent U.S. election results, with Donald Trump winning, raise concerns about future U.S. climate finance and policies. Countries are discussing new revenue sources, such as taxes on polluting industries, to support climate initiatives. COP29 also established rules for trading carbon offsets, aiming to boost investment in carbon removal projects. However, the agreement does not guarantee the quality of these credits, leaving more work needed to attract investors.