Developed Countries Pledge $300 Billion in Climate Finance at COP29

At the COP29 climate summit in Baku, Azerbaijan, developed nations reached an agreement to provide at least $300 billion in climate finance to developing countries by 2035.

While the deal was seen as a significant step forward in global climate action, it fell short of the expectations of many developing nations, who had been advocating for a much larger commitment of $1.3 trillion annually.

The agreement was part of a broader package of measures aimed at addressing climate finance, a key issue for vulnerable nations seeking support to mitigate and adapt to the impacts of climate change

 Despite the disappointment over the financial target, the deal highlights ongoing international efforts to address the climate crisis.

Negotiations at COP29 were complex, with diverse nations bringing different priorities to the table. The outcome was influenced by several factors, including the recent U.S. presidential election and the leadership of Azerbaijan, which faced criticism for its handling of the talks.

However, the deal underscores the continued push for climate finance, even as it falls short of the ambitious goals initially set by developing countries.