COP29 concludes with $300 billion climate finance pledge and long-term $1.3 trillion target

Climate talks in Baku concluded with a $300 billion climate finance pledge and a long-term target of $1.3 trillion by 2035. This marks a significant shift, aligning financial commitments with the scale of the climate crisis. However, negotiators failed to agree on phasing out fossil fuels, delaying critical discussions until next year’s talks in Brazil. This setback could hinder the momentum generated by the new financial targets. The $1.3 trillion goal aims to mobilize both public and private investments, especially in developing nations facing severe climate risks. Brazil's upcoming leadership at COP30 will be crucial in translating these financial commitments into actionable plans.