World agrees to $300bn deal for developing countries

After two weeks of intense negotiations, delegates at the UN climate summit in Baku, known as COP29, agreed late on Saturday to provide funding for developing countries to combat and adapt to climate change, reports DW.

Historic wealthy emitters offered climate finance worth $300 billion a year by 2035, far lower than developing countries hoped for.

Also included in the agreement was a broader goal of raising $1.3 trillion in climate finance annually by 2035.

This would include funding from both public and private sources, which economists say matches the sum needed every year to address global warming.

The COP29 climate conference in Baku, Azerbaijan, was set to finish on Friday but extended as nearly 200 countries struggled to agree on a climate funding plan for the next decade.

Frustrated by a lack of inclusion, delegates from developing and small island nations walked out, citing concerns that fossil fuel-producing countries were trying to weaken the agreement.

The previous commitment to provide $100 billion a year in climate finance for poorer nations by 2020 was met two years late, in 2022, and had been due to expire in 2025.

Though an increase on the previous deal, the agreement was criticized by developing nations, who called it insufficient._Agencies.