COP29 clinches US$300b finance deal to help poorer countries cope with impact of climate change

COP29 had been due to finish on Nov 22, but ran into overtime as negotiators struggled to reach consensus on the climate funding plan for the next decade.

The agreement was criticised by developing nations, who called it insufficient, but United Nations climate chief Simon Steill hailed it as an insurance policy for humanity. At one point delegates from poor and small island nations walked out of talks in frustration over what they called a lack of inclusion, and amid concerns fossil fuel producing countries were seeking to water down aspects of the deal.

Countries also agreed on Nov 23 on rules for a global market to buy and sell carbon credits that proponents say could mobilise billions more dollars into new projects to help fight global warming, from reforestation to deployment of clean energy technologies. The roster of countries required to contribute - about two dozen industrialised countries, including the US, European nations and Canada - dates back to a list decided during UN climate talks in 1992.

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Pakistan pushes for 'redefining' global climate finance strategy at COP29Pakistan’s Prime Minister Shehbaz Sharif has warned that the developing world will need at least $7 trillion in financing by 2030 to address the escalating challenges posed by climate change. For Islamabad, these pressures are already hitting hard.
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