COP29 concludes with agreement on $300 billion climate funding target
At COP29, negotiators reached an agreement for "at least" $300 billion in annual climate funding by 2035, aimed at supporting developing countries. This marks a shift from the previous $100 billion target but falls short of the $1 trillion that many developing nations sought. The talks, held in Baku, faced significant challenges, including disagreements between rich and poor nations. Some delegates from vulnerable countries expressed frustration, stating their concerns were overlooked, highlighting the disparity in climate impacts between developed and developing nations. While the agreement includes a roadmap for increasing climate finance, critics argue it does not adequately address the urgent needs of developing countries. The final deal did not expand the donor base to include major emitters like China, although it recognized contributions from developing nations.