COP 29: Climate Finance Still Hangs in the Balance | Infermation

The COP29 summit brought nations together to address the urgent issue of climate change, with several notable achievements and challenges remaining. Key wins included a new climate finance goal of $250 billion per year until 2035 to help countries reduce carbon emissions and adapt to climate change, though still less than the $1.3 trillion requested by developing nations. Another positive was the focus on phasing out fossil fuel subsidies, redirecting funds toward clean energy.

However, there were setbacks, including criticism over insufficient funding for developing nations and ongoing increases in global carbon emissions. Disagreements on a fair transition away from fossil fuels also slowed progress on key initiatives like the Just Transition Work Programme.

Despite these hurdles, developed nations pledged $115.9 billion in climate finance for developing countries and committed to supporting renewable energy projects and building climate resilience. While progress was made, much work remains to meet the urgent needs of vulnerable nations.


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