COP29 climate talks in Baku yield limited progress on carbon trading and funding

The COP29 climate talks in Baku concluded with limited progress on key issues. Countries approved rules for trading carbon credits but lacked clear timelines and accountability. A complex system for trading credits was established, but some important safeguards were removed. Negotiators agreed that the previous $100 billion climate finance goal is insufficient. A new target of at least $300 billion per year by 2035 was set, but many developing countries expressed dissatisfaction, stating their needs are much higher. The final agreement is seen as a small step forward, but many believe it falls short of what is necessary. Climate-vulnerable nations emphasized the urgent need for more substantial funding to address climate challenges.