COP29 in Baku sets new climate finance goal but developing nations express disappointment
At COP29 in Baku, Azerbaijan, a new climate finance agreement was reached, setting a goal of at least $300 billion per year by 2035 for developing countries. This is a significant increase from the previous target of $100 billion annually. However, many developing nations, including India, expressed disappointment, stating the agreement does not meet their needs. The deal also aims to raise climate finance to $1.3 trillion before the next conference in Brazil, but it falls short of the estimated requirements. The discussions highlighted ongoing tensions between developed and developing nations regarding climate responsibility. Critics argue that the developed world is not adequately addressing the needs of poorer countries facing climate challenges.