COP29 sets $300 billion climate finance target for developing nations by 2035

The COP29 climate summit in Baku concluded with a new climate finance target of at least $300 billion by 2035 to support developing nations in moving away from fossil fuels. This target was established after extensive negotiations. The agreement finalizes rules for international carbon markets nearly a decade after the Paris Agreement. It aims to mobilize funds from various sources, including multilateral development banks, to meet the new goal. Additionally, countries agreed to increase climate finance to at least $1.3 trillion by 2035. This broader target requires collaboration from all sectors but lacks specific accountability for contributions, raising concerns among some advocates about the commitment of wealthy nations.