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World reaches $300b climate finance deal at COP29

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The world approved a bitterly negotiated climate deal Sunday committing wealthy historic polluters to $300 billion annually for poor and vulnerable

COP29 president Mukhtar Babayev delivers a speech during the opening of the 2024 United Nations Climate Change Conference in Baku, Azerbaijan on November 11, 2024.

At points, the talks appeared on the brink of collapse, with developing nations storming out of meetings and threatening to walk away should rich nations not cough up more cash. That is up from $100 billion now provided by wealthy nations under a commitment set to expire — and from the $250 billion proposed in a draft Friday.

Wealthy countries and small island nations have also been concerned by efforts led by Saudi Arabia to water down calls from last year’s summit to phase out fossil fuels.

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