Climate Finance Gap in COP 29: Barrier to Inclusive Global Trade
In 2009, developed countries pledged to provide $100 billion annually to support developing countries facing a worsening climate crisis. More than a decade later, this commitments remains largely unfulfilled, leaving the most vulnerable countries to bear the brunt of climate impacts with insufficient resources (Nurhidayat, 2024). The 29th Conference of the Parties (COP29), held this year in Azerbaijan, with climate finance as its central theme, aimed to chart a new course. Negotiations focused on setting the New Collective and Quantified Goal (NCQG) to mobilize the trillions of dollars needed to drastically reduce greenhouse gas emissions and protect livelihoods from the increasingly severe impacts of climate change. However, despite these lofty ambitions, developed countries only committed to provide $300 billion per year until 2035, a figure that is far from sufficient for recipient countries.