COP29 in Baku falls short on climate finance for developing nations

The COP29 climate conference in Baku concluded with a consensus on climate finance that fell short of expectations. Developed countries agreed to provide $300 billion annually by 2035, significantly less than the $1.3 trillion needed by developing nations. Developing countries expressed disappointment, highlighting that their climate action plans require $5.1–6.8 trillion by 2030. The reliance on loans and private capital in the new finance framework raises concerns about increasing debt burdens for these nations. The conference also established standards for a centralized carbon market under the Paris Agreement. However, experts noted that the lack of accountability mechanisms could undermine the effectiveness of these markets in achieving genuine emissions reductions.