COP29 climate summit in Azerbaijan sets $300 billion annual finance goal by 2035

The COP29 climate summit in Baku, Azerbaijan, concluded with a deal for $300 billion in annual climate finance by 2035, but many developing nations criticized the target as insufficient. They expressed concerns that the timeline would hinder clean energy transitions. The election of Donald Trump, a climate skeptic, dampened the summit's atmosphere, limiting U.S. contributions to climate efforts. This raised doubts about the effectiveness of global climate agreements, as emissions and temperatures continue to rise. COP29 also established a framework for carbon credits, allowing countries to trade them for funding and emissions offsets. However, discussions on climate-related trade barriers and fossil fuel interests highlighted ongoing challenges in addressing climate change effectively.