At COP29 in Azerbaijan, nearly 200 countries reached a hard-fought climate finance agreement, with developed nations pledging to provide $300 billion annually by 2035 to help poorer countries address climate change.
However, this deal was met with disappointment from many developing nations, who argue that the amount is insufficient given the scale of the crisis they face.
India’s delegate, Chandni Raina, criticized the pledge, calling it “abysmally poor” and an “optical illusion” that would not adequately address the climate challenge.
Developing nations, who have been hit hardest by climate disasters but contributed least to emissions, had pushed for a $500 billion annual commitment.
While the negotiations saw tensions and walkouts from poorer nations, the final agreement was passed after two weeks of difficult talks.
European Union climate envoy Wopke Hoekstra hailed it as the “start of a new era for climate finance,” but critics, including Mohamed Adow from Power Shift Africa, condemned it as a “betrayal” by wealthy nations, calling the deal a failure for the developing world.
