COP29: A Mixed Reception for New $300 Billion Climate Finance Deal

A COP29 agreement has been reached to allocate $300 billion yearly for climate finance by 2035. While celebrated by some, others criticize developed nations for not fulfilling their responsibilities. The deal aims to boost clean energy, though it faces challenges in addressing global climate inequities.

The COP29 climate summit concluded with countries agreeing to a $300 billion annual climate finance deal by 2035. The deal, aimed at bolstering global climate resilience, received mixed reactions, with some delegates applauding while others criticized wealthier nations for not committing enough resources.

UN Climate Change Executive Secretary Simon Stiell hailed the agreement as a crucial step for humanity, equating it to an insurance policy amid growing climate impacts. However, India's representative, Chandni Raina, expressed disappointment, regarding the agreement as inadequate to address the climate challenges.

Other voices, such as British Energy Minister Ed Miliband and Marshall Islands Climate Envoy Tina Stege, acknowledged the deal's shortcomings but recognized it as a necessary step forward. The deal sparked debate on the execution of climate finance distribution and the role of fossil fuel interests.

(With inputs from agencies.)