Nearly 200 nations agree on £240 billion climate finance deal at COP29 summit in Azerbaijan

Nearly 200 nations reached a £240 billion annual climate finance agreement at the COP29 summit in Azerbaijan. This deal aims to support developing countries in transitioning away from fossil fuels and adapting to climate change impacts. The new agreement is significantly larger than the previous £80 billion annual deal from 2009 but falls short of the £1 trillion requested by developing nations. UK Energy Secretary Ed Miliband described the deal as a critical step forward for global climate efforts. The agreement encourages voluntary contributions from developing countries, including China, which remains a major emitter. UN climate chief Simon Stiell acknowledged the challenges in negotiations but emphasized the deal's importance for future climate resilience.