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With more than 55,000 global delegates and climate negotiators in attendance, the United Nations annual climate summit COP29, hosted in Baku, Azerbaijan, spurred many headlines over two weeks ending November 24. $300 Billion Per Year Target to Support Developing Nations by 2035 Developed nations pledged to increase support to developing countries to $300 billion annually by 2035. Although this triples the previous $100 billion annual target established in 2011 and achieved in 2022 (two years late), many critics deemed this a failure, stating that developing nations require closer to a $1.3 trillion commitment by 2035 to curb the worst of climate disasters. “$300 billion does not address the needs and priorities of developing countries,” stated Chandni Raina from the Indian delegation during the summit’s closing session. “I regret to say that this document is nothing more than an optical illusion.” Others, including the World Wildlife Fund (WWF), called the deal a “setback for climate action,” adding that, “this COP failed to send a strong signal on the need to rapidly reduce and phase out fossil fuels.” Other commentators suggested this target was the best anyone could hope for as a reasonable commitment, given the likelihood the US will exit the […]