Nations agree on $300 billion annual climate fund for developing countries at UN talks
At the UN climate talks, nations reached a deal to provide at least $300 billion annually to help developing countries combat climate change. This amount is significantly less than the $1.3 trillion requested but is three times the previous $100 billion annual commitment from 2009. The agreement faced criticism from many developing nations, which argued it was insufficient and unfairly adopted without proper consensus. Some representatives expressed frustration, stating the deal does not adequately address their needs or inspire confidence in future climate action. While some parties viewed the deal as a positive step, concerns remain about its effectiveness and the reliance on loans rather than grants. The agreement also included provisions for carbon markets, which have drawn skepticism regarding their potential to genuinely reduce emissions.