Developing nations criticize $300 billion climate finance deal at COP29 summit

At the COP29 summit in Baku, countries agreed to a $300 billion annual climate finance target to assist developing nations. However, many delegates criticized the deal as inadequate, with some expressing frustration over the rushed negotiations. The agreement aims to provide funding by 2035, building on a previous commitment of $100 billion per year that was met late. It also sets a broader goal of raising $1.3 trillion annually for climate finance, including contributions from both public and private sources. The deal includes rules for a global carbon credit market but lacks detailed steps for transitioning away from fossil fuels. The outcome reflects ongoing tensions between wealthy nations and developing countries over financial responsibilities amid rising climate impacts worldwide.