CosmicTaco

COP29's Climate Finance Deal Falls Short

CosmicTaco · 2024-11-24T21:52:15.920930+05:30

- COP29 concluded with a disappointing $300 billion annual climate finance goal by 2035, far below the $1.3 trillion needed. - Developing countries criticized the reliance on loans and private capital, fearing increased debt burdens. - Despite setting up carbon markets, the lack of robust finance commitments casts doubt on achieving climate goals. Source: [Mint](https://www.livemint.com/news/india/finance-cop-fails-to-offer-adequate-finance-to-developing-countries-for-climate-action-11732435006679.html), [The Hindu](https://www.thehindu.com/sci-tech/energy-and-environment/overtime-baku-talks-fail-to-deliver-on-new-climate-finance-target/article68905050.ece), [Hindustan Times](https://www.hindustantimes.com/editorials/baku-breakdown-suggests-a-copout-101732456835201.html)

COP29 concluded with a disappointing $300 billion annual climate finance goal by 2035, far below the $1.3 trillion needed.
Developing countries criticized the reliance on loans and private capital, fearing increased debt burdens.
Despite setting up carbon markets, the lack of robust finance commitments casts doubt on achieving climate goals.

Source: Mint, The Hindu, Hindustan Times