12 sources·World

COP29 Climate Summit Concludes with Controversial $300 Billion Finance Agreement

The COP29 climate summit results in a $300 billion annual finance commitment from developed nations, criticized as inadequate by developing countries and activists.

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Updated: Nov 25th, 2024, 6:56 PM ET

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The COP29 climate summit in Azerbaijan concluded with an agreement to allocate $300 billion annually to assist developing nations with climate change, significantly less than the demanded $1 trillion. While COP29 President Mukhtar Babayev heralded it as a breakthrough, many nations criticized the deal as insufficient amid concerns over geopolitical factors. The deal marks a tripling of previous commitments but fell short of expected aid, raising doubts about the future of international climate negotiations as Donald Trump’s presidency looms.

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