Cop29 reaches $300 billion climate finance deal but developing nations call it inadequate

At the Cop29 summit in Baku, nearly 200 countries agreed to a $300 billion annual climate finance commitment from wealthy nations. This is an increase from the previous $100 billion target but has faced strong criticism from developing countries for being inadequate. India's delegate described the $300 billion as "abysmally poor," arguing it does not meet the needs of developing nations. Other countries, including Nigeria, echoed this sentiment, calling the agreement a "joke." The deal sets a broader target of $1.3 trillion annually, relying heavily on private funding. While some leaders praised the agreement as a step forward, many developing nations expressed disappointment, stating it falls short of their expectations.