Negotiators at the COP29 U.N. Climate Change Conference adopted a deal early yesterday by which wealthy nations pledged to reach $300 billion per year by 2035 in aid for developing economies to transition away from fossil fuels and mitigate the effects of climate change. The target is triple the previously agreed-to goal but far short of the $1.3 trillion per year that experts say is needed for the transition. (New York Times)
Our Take
The sentiment at the start of COP29 two weeks ago was that there was less momentum for action than in previous years, for a number of reasons. There’s the fact that, for the second year in a row, the conference was hosted by a petro-state, only fueling the perception that the COP process has been coopted by the fossil fuel industry. There’s also the shadow of U.S. President-elect Donald Trump’s looming return to the White House and his expected rollback of U.S. climate action. As a result, it’s fair to say expectations for COP29’s final agreement were low.