Wealthy nations commit $300 billion for climate finance at COP29 but face criticism for inadequacy
At COP29, nearly 200 countries agreed to a new climate finance goal, with wealthy nations, including the EU, committing $300 billion annually for vulnerable countries. However, many nations criticized the deal as insufficient to address climate change. The negotiations faced significant tension, with vulnerable nations nearly walking out. Critics, including aid agencies, labeled the agreement "utterly inadequate," arguing it fails to meet the urgent needs of the climate crisis. Indian negotiators expressed strong disappointment, calling the deal a "paltry sum" and an "optical illusion." They demanded a more ambitious commitment from developed countries to effectively combat climate change.