Africa: COP29 Climate Talks Conclude With $300 Billion Annual Pledge, but Developing Nations Call Deal ‘An Insult’

Rich nations pledged to contribute at least $300 billion annually to the global fight against climate change at the contentious end of the UN climate talks in Baku. Developing nations criticized the agreement, calling it an “insult” and arguing it did not provide the vital resources needed. The delegates at COP29 agreed to an annual climate financing target of “at least $1.3 trillion by 2035” and established rules for a global carbon market to trade carbon credits. Despite challenges, the summit made progress on emissions reduction targets and energy transition. UN Secretary-General António Guterres expressed disappointment at the level of ambition in the agreement but emphasized the importance of honoring commitments. The Executive Secretary of UN Climate Change described the deal as “an insurance policy for humanity” and stressed the need for countries to meet their financial obligations promptly. Some delegations criticized the agreement as weak and insulting, with India’s representative calling for higher ambition from developed countries to address the climate crisis.

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