COP29 concludes with $300 billion annual climate finance deal for developing nations

The COP29 climate summit in Baku concluded with a deal for wealthy nations to provide $300 billion annually to developing countries for climate efforts starting in 2035. This agreement followed intense negotiations and concerns about the talks collapsing. Developing nations criticized the deal as insufficient, with some groups walking out in protest. They had initially sought a higher target of $500 billion, which was not accepted by the wealthier countries. The summit also addressed procedural matters and carbon credit market rules. After a lengthy negotiation process, the final agreement was reached in the early hours of Sunday morning.