COP29 negotiations stall on climate finance for developing nations
At COP29 in Baku, negotiations for climate finance faced significant setbacks. Wealthy nations struggled to agree on increased funding for developing countries, which need at least $1.3 trillion annually, far exceeding the current commitment of $100 billion. The conference aimed to establish a New Collective Quantified Goal, proposing $250 billion annually by 2035. However, many delegates expressed dissatisfaction, noting that this would still leave developing nations in debt to address climate impacts. Political dynamics complicated discussions, particularly with the potential re-election of Donald Trump, who opposes the Paris Agreement. This uncertainty raises concerns about future U.S. contributions to climate finance, impacting global cooperation efforts.