COP29 reaches $300 billion climate finance agreement to aid developing nations
At COP29 in Baku, countries agreed to a new climate finance target of $300 billion annually to support poorer nations facing climate change impacts. This replaces the previous $100 billion goal, which was met late and expires in 2025. The agreement faced criticism from developing nations, who deemed it insufficient. It also includes a broader aim of raising $1.3 trillion annually by 2035 from all sources to combat global warming. Negotiators struggled to reach consensus, with tensions rising over financial responsibilities of industrialized nations. The deal also establishes rules for a global carbon credit market to potentially generate additional funding for climate initiatives.