Businesses seek clarity on climate finance after mixed COP29 outcomes

At COP29, countries agreed to a $300 billion annual climate finance target by 2035, but many developing nations feel this is insufficient. Businesses are urging for clear, investment-ready climate plans to attract private sector funding. The recent U.S. election results, with Donald Trump winning, have raised concerns about future climate finance from the U.S. The summit did not advance commitments to reduce fossil fuel reliance, despite previous pledges to increase renewable energy capacity. 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 secure financing.