COP29: No deal better than a bad deal

At the COP29 summit, the European Union, the US, and other wealthy nations agreed to increase their climate finance pledge to $300 billion annually by 2035, according to sources speaking to Reuters on November 23.

This decision came after their previous offer of $250 billion was widely criticised as insufficient. The summit, originally set to conclude on November 22, extended beyond its scheduled end as nearly 200 countries, needing consensus, worked to finalise a climate funding plan for the next decade.

During the summit, civil society members organised a silent march to protest the initial proposal, denouncing the developed nations’ offer as inadequate. They urged the Global South to reject what they deemed an “insulting” and “unjust” deal.