Overtime Deal at COP29 Falls Short of Global Climate Finance Needs

By Bob Berwyn

BAKU, Azerbaijan—After spending two weeks making vague statements about challenging geopolitics, but no explanation of why they spend trillions of dollars per year on fossil fuel subsidies, developed countries at COP29 finally said they would increase climate spending to help developing countries from the current commitment of $100 billion annually to $300 billion a year by 2035.