The Global Energy Transition Is at Risk After COP29 Pledges Fall Short

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.…