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World reaches $300B climate finance deal at COP29

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Reaches,$300B,Climate

BAKU — 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.

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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