UAE urges countries to honour fossil fuels vow amid Cop29 impasse

After marathon negotiations that stretched into early Sunday morning, world leaders at the UN climate talks (COP29) in Baku, Azerbaijan, reached a landmark agreement committing wealthy nations to provide $300 billion annually to help developing countries combat climate change by 2035.

But the deal reached at the close of the two-week COP29 summit in Azerbaijan resulted from fractious and at times openly hostile negotiations, producing an agreement that even its supporters may see as insufficient and disappointing.

Article 6 provides trusted and transparent carbon markets for countries to collaborate on emission reductions, potentially saving up to 250 billion U.S. dollars annually in implementing national climate plans.

Developing countries dismissed as “a joke” an offer on Friday (22 November) by wealthy industrialised nations including the EU, US and Japan of $250bn a year from 2035.