Countries reach funding agreement to support climate action for developing nations
At the UN climate talks in Baku, countries agreed on a new funding deal where rich nations will contribute at least $300 billion annually by 2035 to support developing countries facing climate change. This amount falls short of the $1.3 trillion requested. The agreement replaces a previous commitment of $100 billion per year and aims to finance clean energy transitions and infrastructure improvements in vulnerable nations. It also seeks to help communities adapt to extreme weather events. Negotiations were challenging, with tensions high among delegations. The final deal reflects a compromise amid geopolitical tensions and differing priorities among developing nations. Activists expressed disappointment, emphasizing the need for stronger commitments.