COP29 reaches $300 billion climate finance deal but developing nations seek more support
At Cop29, a financial deal of $300 billion per year from rich countries was reached, but many developing nations say it is insufficient to combat climate change. The agreement aims to increase funding to $1.3 trillion annually by 2035. China's role in climate finance has grown, with a commitment to contribute voluntarily. For the first time, a roadmap for comprehensive financial reform and regular monitoring was established, alongside a deal for countries to create and trade carbon credits. Despite these developments, concerns remain about the influence of fossil fuel interests and the need for stronger climate action. Countries must enhance their climate plans by February 2025 to help limit global temperature rise.