Wealthy Nations Pledge $300 Billion Climate Fund at COP29

At COP29, wealthy countries, including the EU and U.S., agreed to raise climate funding to $300 billion annually by 2035, addressing developing nations' needs. Previous offers were considered insufficient. The commitment replaces the earlier $100 billion goal, met in 2022, expiring in 2025.

During the COP29 summit in Baku, influential global players, notably the European Union and the United States, have committed to a substantial increase in climate funding, pledging $300 billion annually by 2035. This move aims to assist developing nations in combating the drastic impacts of climate change.

The initial proposal by Azerbaijan's presidency was criticized for its inadequacy, prompting a revision and a promise of greater financial support. However, there remains skepticism about the implementation of these new commitments, given past failures in meeting climate finance obligations.

Despite the revised offer, the atmosphere at the summit is tense as negotiations continue. Delegates are working to iron out specifics, such as the roster of contributing countries and the nature of funding. The outcome of these discussions is imperative for setting future emissions targets.

(With inputs from agencies.)