Nations agree to $300 billion annual climate fund for developing countries at COP29

At COP29 in Baku, Azerbaijan, nations agreed 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 deal from 2009. The agreement faced criticism from many developing nations, which expressed disappointment over the insufficient funding and the manner of its adoption. Some delegates described the deal as an insult, while others noted it was a step forward, albeit a small one. The deal includes provisions for future revisions and aims to encourage additional funding from various sources. However, concerns remain about the reliance on loans rather than grants, which could worsen debt for poorer countries.