Cop29 agrees $1.3tn climate finance deal but campaigners brand it a ‘betrayal’

Rich and poor countries concluded a trillion-dollar deal on the climate crisis in the early hours of Sunday morning, afterBut only $300bn of that will come in the form they are most in need of – grants and low-interest loans from the developed world. The rest will have to come from private investors and a range of potential new sources of money, such as possible levies on fossil fuels and frequent flyers, which have yet to be agreed.

Faced with the prospect of reconvening next year with a Trump White House in place, many countries decided that failure to agree on a new financial settlement in Baku was too much of a risk. Green campaigners also slammed the deal. Claudio Angelo, of the Observatorio do Clima in Brazil, said: “Rich countries spent 150 years appropriating the world’s atmospheric space, 33 years loitering on climate action, and three years negotiating without.

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