Countries set $300 billion climate finance target at COP29 but face challenges

At COP29 in Baku, countries agreed to a $300 billion annual climate finance target by 2035, but many developing nations expressed concerns that this amount is insufficient. The focus is now on creating clear, actionable climate plans ahead of the next summit. The recent U.S. presidential election, which saw Donald Trump win, has raised doubts about future U.S. climate finance and policies. Countries are discussing new revenue sources, such as taxes on polluting industries, but attracting private investment remains challenging. COP29 also established rules for trading national carbon offsets, aiming to boost investment in carbon removal projects. However, the agreement does not guarantee the quality of these credits, indicating more work is needed to secure financing in this area.