COP29 Summit's $300 Billion Climate Finance Pledge Faces Criticism

At the COP29 summit, a $300 billion annual global finance target was set to aid poorer nations facing climate change impacts. The agreement has been criticized for its insufficiency, revealing tensions between developed and developing nations over financial responsibilities and highlighting challenges in global climate action.

The COP29 summit in Baku has concluded with a pivotal agreement aimed at mobilizing $300 billion annually by 2035 to help poorer nations combat climate change. Despite some delegates' applause, the deal faced significant backlash from recipients who deemed it inadequate.

The agreement has sparked heated debate among nations about financial responsibility, with industrialized countries called to account for their historical pollution. Delegates overcame extended negotiations, revealing deep divisions over the allocation of climate finance as well as criticism surrounding the rushed adoption of the deal by Azerbaijan's host.

United Nations climate chief Simon Stiell praised the deal as a vital step for humanity, drawing parallels to an insurance policy that necessitates prompt premium payments. Nevertheless, experts warn that more concrete measures are needed to transition from fossil fuels and advance renewables to meet the climate goals set by the Paris Agreement.

(With inputs from agencies.)