Developing nations call $300 billion climate finance deal insufficient at COP29 in Baku

At COP29 in Baku, countries agreed to a $300 billion annual climate finance target to help poorer nations combat climate change. However, developing nations criticized the deal as insufficient, highlighting ongoing frustrations with wealthy countries' commitments. The agreement aims to replace a previous $100 billion annual target, which was met two years late. It sets a broader goal of raising $1.3 trillion annually by 2035, but lacks specific steps for transitioning away from fossil fuels. Negotiations faced challenges, particularly regarding contributions from major economies like China and Saudi Arabia. The deal also includes rules for a global carbon credit market, which could generate additional funding for climate initiatives.