COP29: RICH FAIL TO WALK THE TALK ON CLIMATE FUNDS

At the close of the 29th United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, the world's negotiators failed to meet the expectations of developing nations, leaving many disappointed over the commitment made by developed countries towards climate finance.

-  ABDULAZIZ KHATTAK

A long-anticipated agreement on the financial support for vulnerable nations battling the impacts of climate change fell short of the $1.3 trillion per year target that had been called for.

Throughout the two-week conference, developing countries had urged the wealthier nations to raise $1.3 trillion annually by 2035 to assist in combating climate change, including a substantial portion of public funds.

The target was seen as essential to help finance the necessary adaptation and mitigation measures, particularly in low-income countries most affected by climate disasters.

These nations had originally sought $600 billion in public finance, with the remainder raised from private investments.

However, the final agreement unveiled at COP29 sets a much lower target. It includes a "core" goal of $250 billion per year by 2035, with the hope that this will come from a mix of public and private sources.

This figure, while an improvement on the previous $100 billion target set under the Paris Agreement, has been met with outrage by many of the poorer nations in-volved in the talks.