COP29 Climate Deal: $300 Billion Pledge Falls Short, Developing Nations Call for Greater Action

TDT | Manama

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The UN climate summit, COP29, concluded in Baku with a historic pledge by wealthier nations to provide $300 billion annually by 2035 to aid poorer countries in combating climate change. However, developing nations criticized the funding as inadequate compared to the $1.3 trillion requested, labeling the agreement as "too little, too late."

The African Group of Negotiators and India expressed disappointment, with India’s representative calling the amount "abysmally poor." Small island nations, facing existential threats from rising sea levels, also voiced frustration.

While the deal includes a commitment to mobilize $1.3 trillion from public and private sources and tripling climate adaptation funding, key goals such as a stronger commitment to phasing out fossil fuels were deferred to future talks. Oil-dependent nations, including Saudi Arabia, opposed stricter measures.

UN climate chief Simon Stiell acknowledged the agreement’s imperfections, stating, "No country got everything they wanted." The deal reflects ongoing global cooperation but underscores the widening divide between developed and developing nations over climate action urgency.