It was not until the final day of the UN Cop29 climate summit that developed countries made a financial commitment—a $300 billion annual offer by 2035, widely deemed inadequate.
While the initial offer of $250 billion was criticized as too low, the subsequent increase to $300 billion was accepted amid tension, revealing deep divisions on climate finance.
The agreement highlights a trend where the definition of 'mobilizing' funds allows developed nations to count private investment alongside public contributions, diluting their responsibility.
Rich countries expressed that even this modest commitment was challenging, suggesting that actual implementation of climate finance relies heavily on unproven mechanisms and private sector investments.
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