COP29 in Azerbaijan agrees on $300 billion climate finance but faces criticism from developing nations

The COP29 climate summit in Baku, Azerbaijan, concluded with a deal for $300 billion in annual climate finance by 2035, but many developing nations criticized the amount as insufficient. They expressed concerns that the long timeline would hinder clean energy transitions. The election of Donald Trump, a climate skeptic, dampened discussions, as the U.S. is expected to contribute little to climate efforts. This raised doubts about the effectiveness of the COP process amid rising global temperatures and extreme weather events. COP29 also established a framework for carbon credits, allowing countries to trade them for funding and emissions offsets. However, discussions on climate-related trade barriers and fossil fuel interests highlighted ongoing challenges in addressing climate change effectively.