Cop29 climate talks in Azerbaijan set new finance target and carbon trading rules

The Cop29 climate talks in Baku, Azerbaijan, concluded with some progress, including a new climate finance target of at least $300 billion annually by 2035, up from $100 billion. This funding aims to assist 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 2015 Paris Agreement, although concerns remain about transparency and accountability. While some countries announced new emission reduction targets, there was no consensus on transitioning away from fossil fuels. The absence of explicit commitments on fossil fuels highlighted ongoing challenges in climate negotiations, despite a backdrop of geopolitical tensions and the urgency of climate action.