UN climate summit reaches $300 billion finance deal after intense negotiations

At the UN climate summit COP29, a $300 billion finance deal was reached after intense negotiations, overcoming a potential collapse. The agreement aims to support developing nations facing climate change impacts, though it falls short of the $500 billion requested by the G77 group. India initially resisted the deal, concerned about the financial terms and equity issues. After late-night discussions, the agreement was finalized despite objections from India and other developing countries, who felt the deal was insufficient. The finance plan includes various innovative funding methods, not just grants, to encourage private investment. The next summit in Belém, Brazil, is expected to focus on rebuilding trust among nations and addressing climate finance needs.