COP29 climate summit in Azerbaijan sets $300 billion annual climate finance target by 2035
BAKU, Azerbaijan, Nov 24 (Reuters) - The COP29 climate summit concluded with a deal on climate finance, setting a target of $300 billion annually by 2035. Many developing nations criticized this amount as insufficient and expressed concerns about the long timeline. The summit also established a framework for carbon credits, allowing countries to create and trade these credits to fund climate initiatives. However, details on implementation remain unresolved. Despite ongoing climate agreements, global emissions and temperatures continue to rise, with extreme weather events causing significant damage worldwide. Developing countries raised issues about trade barriers affecting their climate efforts, which will be discussed in future summits.