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COP29: World leaders agree on $300 billion climate finance deal for poorer countries

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'The Baku Finance Goal represents the best possible deal we could reach.'

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This framework establishes a new global objective to mobilise $1.3 trillion in climate finance directed toward developing nations by 2035, representing a substantial increase in agreed funding to support climate adaptation and mitigation efforts. The new deal, a hefty $300 billion, may seem impressive as it triples the previous $100 billion goal set in 2009. However, it seems not to have met the hopes of negotiators and delegates from the Global South, especially those from Africa and similar regions.

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