COP29 Baku Summit: Controversy Over $300 Billion Climate Finance Pledge
| Topic | Details |
|---|---|
| Why in News | COP29 concluded with a controversial pledge of $300 billion annually in climate finance by 2035, far below the $1.3 trillion demanded by developing nations. |
| Conference Name | COP29 (United Nations Climate Change Conference) |
| Location | Baku, Azerbaijan |
| Pledge Amount | $300 billion annually by 2035 |
| Demand by Developing Nations | $1.3 trillion annually until 2030 |
| India's Representative | Chandni Raina, Adviser, Department of Economic Affairs |
| India's Criticism | Labeled the pledge "abysmally poor"; criticized the process as "stage-managed" and lacking inclusivity. |
| Global Criticism | Nigeria and Bolivia echoed concerns over inequity and delayed implementation. |
| Target Temperature Limit | 1.5°C as per the Paris Agreement |
| Static Points - Paris Agreement | Adopted in 2015; aims to limit global warming to below 2°C, preferably to 1.5°C. |