The 29th Conference of the Parties (COP29) in Baku, Azerbaijan concluded last week, with lengthy and challenging negotiations yielding an eleventh-hour deal on tackling climate change. At its core was a groundbreaking pledge by wealthy nations to provide $300 billion annually in climate finance by 2035—a tripling of the current target, but significantly lower than what is needed to support emerging and developing economies. Last year, energy end-users spent a staggering $10.5 trillion, with $6.3 trillion borne by non-OECD countries.…
