Transformation Fund Boosted to $300 Billion at COP29

Wealthy countries bearing historical responsibility for climate change have pledged to increase the transformation fund established to aid poorer nations in their fight against climate change to $300 billion annually. The two-week negotiation marathon, dubbed the trillion-dollar summit, was marked by intense discussions at times. Developing countries participating in the UN climate summit COP29 held in Azerbaijan argued that they need $1.3 trillion. The summit in the capital Baku concluded 33 hours later than planned due to tense negotiations, and there was a risk of failing to reach any interim results.