COP29 Climaxes in Climate Funding Debate

COP29 saw wealthy nations raise their climate finance offer to $300 billion annually, aspiring to finalize a deal with developing countries. Despite initial rejections, talks persisted, with many nations pushing for even more funding by 2035. Progress was made on carbon credit trading rules.

COP29 concluded with wealthy nations increasing their commitment for climate finance to $300 billion annually, as an attempt to secure a deal with developing nations. These countries had previously rejected the offer, deeming it inadequate in addressing climate change impacts.

The summit, extending into an extra day after Friday, revolved around the financial accountability of industrialized countries for their historical greenhouse gas emissions. Several developing nations, expressing dissatisfaction over the U.N. negotiation process, temporarily exited talks on Saturday.

However, optimism persisted, with figures such as Fiji's Deputy Prime Minister expressing hope for a resolution. Meanwhile, Brazil advocated for $390 billion annually by 2035, underscoring the urgency of effective climate finance solutions.

(With inputs from agencies.)