COP29 climate talks in Azerbaijan secure $300 billion annual finance deal and global carbon trading rules
The COP29 climate summit 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 operationalizing the Paris Agreement, although concerns remain about transparency and accountability in the market. While some countries announced new climate targets, the summit did not address fossil fuel transitions explicitly. The U.S. political landscape, with Donald Trump’s return, raised concerns, but many nations continued to pursue climate action independently. Australia’s bid to host COP31 in 2026 remains undecided.