Developing nations criticize $300 billion climate finance deal at COP29 as inadequate

At the COP29 summit in Baku, countries agreed to a $300 billion annual climate finance target for developing nations by 2035. This deal builds on a previous commitment of $100 billion per year, which was met two years late. Many delegates criticized the new agreement as inadequate, with some developing nations expressing frustration over the lack of sufficient funding. The deal aims to support efforts to combat climate change but does not provide detailed action plans. The agreement also sets a broader goal of raising $1.3 trillion annually for climate finance and establishes rules for a global carbon credit market. However, concerns remain about the commitment of wealthy nations, especially with upcoming political changes in the U.S.