COP29 conference raises $300 billion commitment for climate aid
- COP29 conference in Baku, Azerbaijan, ended with a new commitment to raise $300 billion annually by 2035.
- The United States highlighted its financial contributions and future energy goals amidst rising emissions.
- China is poised to take a leading role in renewable energy as the US reduces its climate leadership.
In Baku, Azerbaijan, the COP29 conference recently concluded, marking a significant moment in international climate negotiations. This year's meeting, which took place amid rising global greenhouse gas emissions and marked one of the hottest years on record, saw approximately 66,000 registrants in attendance. The conference went past its deadline and resulted in a commitment to raise $300 billion annually by 2035, aimed at assisting developing nations in coping with climate change impacts and transitioning to cleaner energy sources. Furthermore, US negotiators emphasized their contribution of $11 billion to international climate financing, as well as goals to triple nuclear energy by 2050 and reduce methane emissions. As the United States potentially steps back from climate leadership, China emerges as a dominant player in renewable energy markets, being the leading producer of solar, wind, and electric vehicle technologies. The next major climate talks are scheduled for 2025 in Belém, Brazil, where countries are expected to present more ambitious goals for greenhouse gas reductions.