COP29's Climate Finance Dilemma: A $300 Billion Hurdle

The COP29 summit in Baku set a $300 billion climate finance goal to help developing nations, but criticisms arose over its perceived inadequacy. The agreement replaces previous commitments and highlights divisions between nations over climate responsibility, with lingering doubts on its long-term effectiveness.

At the recent COP29 summit in Baku, countries agreed to a $300 billion global finance target to aid poorer nations in climate change mitigation, a move met with skepticism from beneficiaries.

Critics, like India's Chandni Raina, called the deal merely an 'optical illusion,' questioning whether it could effectively tackle climate challenges.

Despite arduous negotiations lauded by U.N. climate chief Simon Steill as securing humanity's insurance policy, the agreement exemplified the tension between wealthier nations and those still grappling with climate-induced hardships.

(With inputs from agencies.)