COP29 concludes with $300 billion annual climate funding deal for developing nations

COP29 concluded with an agreement for rich countries to provide $300 billion annually to developing nations by 2035 to address climate change. This amount falls short of the $1.3 trillion needed, leading to criticism from countries like India and Nigeria. The deal emphasizes funding from both public and private sources, with expectations for contributions from international banks and private investors. The funds are intended for climate resilience projects and transitioning to renewable energy. New rules for a global carbon market were also established, allowing countries to trade carbon credits. All countries must submit updated climate action plans by February 2025, marking the next significant step in global climate efforts.