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The Conversation
The Conversation
Environment
Jacqueline Peel, Director, Melbourne Climate Futures, The University of Melbourne

From a US$300 billion climate finance deal to global carbon trading, here’s what was – and wasn’t – achieved at the COP29 climate talks

COP29 United States COP Donald Trump Nations United Nations Australia Azerbaijan Oil Simon Stiell

The petroleum-laden dust has settled on this year’s United Nations climate summit, COP29, held over the past fortnight in Baku, Azerbaijan. Climate scientists, leaders, lobbyists and delegates are heading for home.

The meeting achieved incremental progress. Negotiators agreed on a new climate finance target of at least US$300 billion a year by 2035 (A$460 billion), up from US$100 billion now. These funds would help developing nations shift away from fossil fuels, adapt to the warming climate and respond to loss and damage from climate disasters.

Nations also agreed on the essential rules for a global carbon trading market, the last agreement needed to make the 2015 Paris Agreement fully operational.

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