Striking a ‘climate finance’ deal at this year’s COP29 summit wasn’t easy, capping off a summit in Azerbaijan that was fraught with unenthusiastic participants and reports of counterintuitive dealmaking.  When all was said and done nearly 200 countries agreed to triple funding to help developing nations address climate change, with wealthy nations pledging at least $300 billion annually by 2035 through various sources, according to Bloomberg. The deal aims to mobilize $1.3 trillion annually, primarily from private funding. In a compromise, rich nations committed an additional $50 billion beyond a previous draft and tied the agreement to reaffirming last year’s COP28 pledge to transition away from fossil fuels. Bloomberg wrote that the $300 billion annual pledge by 2035 falls short of the trillions developing nations need to combat climate change, with many calling for more grants and affordable financial support rather than loans that increase debt. While some criticized the outcome as inadequate, others viewed it as a vital step in sustaining multilateral efforts. The agreement will guide future emissions-cutting pledges for 2035 and set the stage for the next UN climate summit in Brazil. Opposition led by Saudi Arabia and other Arab nations resulted in the final agreement avoiding direct mention of fossil fuels, […]