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

The COP29 climate summit in Baku 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 including their contributions in the target. The election of Donald Trump, a climate skeptic, dampened discussions, as the U.S. is expected to reduce its role in global climate efforts. This has raised doubts about future commitments from the world's largest historical polluter. COP29 also established a framework for carbon credits, allowing countries to trade them to fund climate projects. However, concerns remain about rising emissions and extreme weather events, highlighting the slow progress in addressing climate change.