What's happened
At COP29 in Baku, wealthy nations pledged $300 billion annually by 2035 for climate finance, falling short of the $1.3 trillion needed. Developing countries expressed disappointment, calling the deal inadequate amid ongoing geopolitical tensions and domestic challenges in donor nations.
Why it matters
What the papers say
According to the New York Times, the final deal at COP29 was criticized as a 'joke' by a Nigerian delegate, highlighting the disappointment among developing nations. Tina Stege, climate envoy for the Marshall Islands, noted that while the agreement is a start, it is 'not nearly enough' to address the climate crisis. Axios reported that the $300 billion target is an improvement over the previous $100 billion goal but still inadequate given the scale of the challenge. The BBC emphasized the frustration of developing nations, with India's delegate calling the agreement 'an optical illusion' that fails to meet the enormity of the climate challenge. Overall, the consensus among sources indicates a significant gap between the needs of vulnerable nations and the commitments made by wealthier countries.
How we got here
The COP29 summit aimed to address climate finance needs for developing nations, with a focus on mobilizing $1.3 trillion annually to combat climate change. The negotiations faced significant challenges, including the impending U.S. withdrawal from climate agreements under President-elect Trump.
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