Climate Financing at COP29

COP29 focuses on the critical issue of climate financing as nations negotiate who will bear the financial burden of transitioning away from fossil fuels and towards clean energy. One major topic is Article 6, which aims to establish a carbon market that allows countries with abundant natural resources, like Indonesia, to sell carbon credits to wealthier nations, such as Norway. Negotiations have already seen initial agreements on these carbon credit trades, indicating a potential pathway for global cooperation on emissions reductions. However, discussions surrounding the new collective quantified goal for climate finance present a more complex challenge, as delegates grapple with expectations of contributions from richer countries to assist the developing world in adapting to climate challenges.