At COP29, negotiators secured a deal that aims to help developing countries transition to cleaner energy, committing wealthy nations to increase support from $100 billion to $300 billion annually by 2035. However, this commitment has been criticized as falling short of the estimated $1.3 trillion needed, highlighting the significant financial gap that still exists for these nations to adequately address climate change.
This year's summit aimed to mobilize $1.3 trillion annually for developing nations tackling climate change and transitioning from fossil fuels. Yet, the agreed figure of $300 billion is viewed by many as grossly inadequate, underscoring the persistent struggle between the financial pledges of wealthy nations and the real needs of vulnerable countries facing extreme climate impacts.
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