COP29 concluded with an agreement to triple climate finance to $300 billion annually by 2035, but the deal attracted criticism for lacking ambition in addressing climate change. Despite the significant financial commitment, disappointment loomed, as no substantial measures for CO2 reduction were adopted.
Environmental groups decried the prevailing influence of oil and gas lobbies, which hindered progress on fossil fuel subsidy redirection and increased taxation on polluters. Critics argue that the agreement falls short of addressing the urgent needs of vulnerable nations, jeopardizing the 1.5-degree target.
Developing countries and climate activists expressed frustration, labeling the outcome as inadequate and demanding a more aggressive approach to fossil fuel phase-out. The conference highlighted the need for greater transparency and accountability in carbon markets, amid concerns over potential exploitation.
While the financial pledge is seen as a starting point, it underscores the persistent gap between promises and necessary action in the fight against climate change. The next conference in Brazil is expected to focus on emission reductions and the Amazon's role in climate efforts.
