World reaches $300B climate finance deal at COP29

After two exhausting weeks of chaotic bargaining and sleepless nights, nearly 200 nations banged through the contentious finance pact in the early hours in a sports stadium in Azerbaijan.But the applause had barely subsided in Baku when India delivered a full-throated rejection of the dollar-figure just agreed.'The amount that is proposed to be mobilized is abysmally poor. It's a paltry sum,' said Indian delegate Chandni Raina.

AFP PHOTOThe final deal commits developed nations to pay at least $300 billion a year by 2035 to help developed countries green their economies and prepare for worse disasters.That is up from $100 billion under an existing pledge but was slammed as offensively low by developing nations who had demanded much more.'This COP has been a disaster for the developing world,' said Mohamed Adow, the Kenyan director of Power Shift Africa, a think tank.

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World reaches $300B climate finance deal at COP29Baku — The world approved a bitterly negotiated climate deal Sunday but poorer nations most at the mercy of worsening disasters dismissed a $300 billion a year pledge from wealthy historic polluters as insultingly low.
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