Climate Finance Deal Reached at COP29 Amid Tensions and Setbacks

The COP29 summit in Baku concluded with a $300 billion annual climate finance target by 2035, though developing nations found it insufficient. Tensions arose over Trump's election and climate-oriented trade barriers. A rulebook for carbon credits was established, but fossil fuel interests overshadowed progress.

The U.N. climate summit in Baku ended with a climate finance agreement set at $300 billion by 2035, amid contentious discussions over its adequacy.

Tensions were fueled by Donald Trump's presidential win, casting doubts on the U.S. commitment to climate initiatives. The summit also formalized a rulebook for carbon credits, aiming to boost climate funding.

However, the failure to advance the transition from fossil fuels highlighted the influence of fossil fuel interests, overshadowing the event's achievements.

(With inputs from agencies.)