Cop29 reaches climate finance deal but campaigners call it a betrayal
At the Cop29 climate summit in Baku, a deal was reached to provide at least $1.3 trillion annually by 2035 to help developing countries transition to low-carbon economies. However, only $300 billion will come from grants and low-interest loans, with the rest from private sources. Campaigners criticized the agreement, calling it a betrayal of vulnerable nations. They expressed concerns over the influence of fossil fuel-producing countries like Saudi Arabia and the potential impact of Donald Trump's re-election on future climate finance. Many developing countries, including India and Nigeria, opposed the deal, arguing it did not adequately address their needs. The negotiations faced challenges, with some countries walking out in protest before returning to finalize the agreement.