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‘We Lost’: How COP29 Ended With a Deal That Made the Whole World Unhappy

Summary

COP29 concluded in Baku with a contentious climate finance agreement that left many nations dissatisfied. The deal commits wealthy countries to lead efforts to triple climate aid to $300 billion annually by 2035 and mobilize $1.3 trillion globally, though it relies heavily on loans and private financing. Developing countries, particularly from Africa and small island states, criticized the agreement for lacking minimum targets and dedicated funds for vulnerable regions. Rich nations, led by the U.S. and Europe, resisted larger commitments, citing political and economic constraints. While the agreement includes provisions for future reforms, such as easing grant access and exploring new funding mechanisms, its immediate impact remains limited. The contentious negotiations highlight enduring rifts between wealthy and developing nations over climate responsibility and financing.

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