COP29 talks in Baku fail to secure strong climate finance agreement

The COP29 climate talks in Baku concluded without a strong agreement on climate finance. A roadmap was adopted to aim for $1.3 trillion annually by 2035, with developed countries committing to $300 billion a year. However, this fell short of expectations. India and Nigeria expressed strong objections to the agreement, calling it inadequate to address climate challenges. The Indian delegation described the document as an "optical illusion," highlighting dissatisfaction among developing nations regarding financial commitments. Despite the finance setback, COP29 successfully established a framework for UN-approved carbon markets, which could help countries implement climate plans more effectively. This agreement is seen as beneficial for developing nations seeking financial support for climate initiatives.