COP29 negotiators near agreement on $300 billion climate finance deal

At the COP29 climate summit in Baku, negotiators are finalizing a contentious deal for wealthy nations to provide at least $300 billion annually to poorer countries by 2035. This is an increase from the current $100 billion commitment but falls short of the $500 billion demanded by developing nations. Tensions escalated when small island states and impoverished countries walked out of a meeting, claiming their concerns were ignored. The final draft was described as a "take it or leave it" proposal, with some countries expressing disappointment over the insufficient funding. The deal also aims for a broader target of $1.3 trillion per year to address climate change, primarily from private sources. The negotiations have faced challenges, including disagreements over fossil fuel phase-out language, particularly influenced by Saudi Arabia's stance.