COP29 Concludes in Overtime with $300 Billion Climate Finance Goal

COP29 concluded at 5:31 a.m. on Sunday, significantly later than its scheduled end on Friday evening. The conference, dubbed the 'Finance COP', introduced a new finance goal of $300 billion by 2035. However, the process was marred by dramatic late-night negotiations and the unexpected exit of the Alliance of Small Island States (AOSIS) and the Least Developed Countries (LDCs) late on Saturday evening. They cited dissatisfaction with the lack of progressive steps in mitigation and funding.

The marathon session did not facilitate their demands and concluded with the adoption of the $300 billion climate finance goal

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COP29 clinches $300 billion climate finance dealThe new goal is intended to replace developed countries' previous commitment to provide $100 billion per year in climate finance for poorer nations by 2020
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