COP29 reaches $300 billion climate finance deal to support developing nations

A $300 billion climate finance deal was reached at COP29, following intense negotiations and protests. This agreement aims to support poorer nations in addressing climate change impacts, replacing the previous $100 billion annual target that was met late. Rich countries will lead the funding to help developing nations transition away from fossil fuels and adapt to climate change. The new financial goal is set to last until 2025, following the expiration of the earlier commitment. Additionally, countries established rules for a global carbon credit market, which could generate further funding for climate initiatives, including reforestation and clean energy projects.