COP29 agrees to $300 billion climate finance target but India expresses disappointment

At COP29 in Baku, developed countries agreed to increase climate finance to $300 billion a year by 2035, tripling the previous target of $100 billion. However, this falls short of the $1.3 trillion demanded by developing nations. India expressed strong disappointment with the agreement, calling the proposed amount "abysmally poor" and criticizing the adoption process as "stage-managed." Despite objections, the agreement remains in place unless amended in the future. China did not voice objections, implicitly supporting the $300 billion figure. The agreement also lacks guarantees for funding sources and the form of disbursement, which has drawn criticism from other developing countries.