COP29 climate talks conclude with $300 billion finance deal and carbon trading rules

The COP29 climate talks in Baku, Azerbaijan, concluded with an agreement to increase climate finance to at least $300 billion annually by 2035, up from $100 billion. This funding aims to support developing nations in transitioning from fossil fuels and adapting to climate impacts. Negotiators also established rules for a global carbon trading market, which will facilitate country-to-country trading of carbon credits. This agreement is seen as essential for implementing the Paris Agreement fully, although concerns remain about transparency and accountability in the market. While some countries announced new climate targets, the discussions did not address fossil fuel transitions explicitly. The outcome has drawn mixed reactions, with many expressing disappointment over the lack of transformative change amid rising climate costs and extreme weather events.