What's happened
At COP29 in Azerbaijan, nearly 200 countries reached a contentious climate finance agreement, pledging $300 billion annually by 2035. While some hailed it as progress, others criticized it as insufficient, highlighting ongoing tensions between developed and developing nations over climate responsibilities.
Why it matters
What the papers say
According to the Financial Times, the agreement was met with mixed reactions, with India's Chandni Raina calling it a 'travesty of justice' and stating, 'This document is little more than an optical illusion.' The Guardian echoed this sentiment, highlighting that the $300 billion pledge is 'abysmally poor' compared to the $1.3 trillion target. Meanwhile, BBC News noted that the talks nearly collapsed, reflecting deep divisions between wealthy nations and those most affected by climate change. UN climate chief Simon Stiell described the deal as an 'insurance policy for humanity,' but emphasized that it only works if the funds are delivered on time.
How we got here
The COP29 summit aimed to address climate finance amid rising global temperatures and increasing climate impacts. Negotiations were complicated by the election of US President Donald Trump, a climate skeptic, and the historical responsibility of developed nations for greenhouse gas emissions.
More on these topics
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Azerbaijan, officially the Republic of Azerbaijan, is a country in the Caucasus region of Eurasia. Located at the crossroads of Eastern Europe and Western Asia, it is bounded by the Caspian Sea to the east, Russia to the north, Georgia to the northwest, A
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Donald John Trump is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021.
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India, officially the Republic of India, is a country in South Asia. It is the second-most populous country, the seventh-largest country by land area, and the most populous democracy in the world.
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The Paris Agreement is an agreement within the United Nations Framework Convention on Climate Change, dealing with greenhouse-gas-emissions mitigation, adaptation, and finance, signed in 2016.