Countries reach US$300 billion climate finance deal at Cop29 in Azerbaijan

At the conclusion of Cop29 in Azerbaijan, nearly 200 countries agreed to a US$300 billion annual climate finance deal for developing nations by 2035. This funding aims to help these countries address climate change impacts. The agreement, however, is seen as inadequate by many, as it falls short of the trillions needed to effectively protect vulnerable economies. Negotiations were tense, with significant disagreements between rich and developing nations. Despite the challenges, the deal includes a goal to mobilize US$1.3 trillion annually, primarily through private financing. The talks nearly collapsed but were salvaged through late-night discussions.