AFTER two weeks of arduous negotiations, the 29th session of the Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) finally reached a balanced outcome called the 'Baku Climate Solidarity Pact' in the early hours on Sunday after a delay of about 35 hours. Developed countries have committed to leading the way in providing and mobilizing at least $300 billion annually by 2035 to support climate action in developing countries. The conference also called for the mobilization of at least $1.3 trillion annually from various sources for developing countries by 2035.

Public attention has been drawn to the difficult negotiation process at COP29, with significant differences between developed and developing countries, particularly on the crucial issue of climate finance. The $100-billion funding target initially proposed by developed countries was collectively rejected by developing countries.