World agrees to US$300b as financial aid for developing countries affected by climate change

The world has agreed to a new climate deal at COP29 in Baku, Azerbaijan with wealthy countries pledging to provide US$300 billion annually by 2035 to poorer countries to help them cope with the increasingly catastrophic impacts of the climate crisis — a figure many developing countries criticized as vastly insufficient.

The agreement came after more than two weeks of bitter divisions and fractious negotiations, thrown into chaos by walkouts, boycotts, political spats and open celebrations of fossil fuels.

At points there was fear the talks would implode, as groups representing vulnerable small island states and the least-developed countries walked out of negotiations, however, at 2:40 am local time today, more than 30 hours after deadline, the gavel finally went down on the agreement between nearly 200 countries.

The $300 billion will go to vulnerable, poorer nations to help them cope with increasingly devastating extreme weather and to transition their economies toward clean energy.

The amount pledged, however, falls far short of the $1.3 trillion developing countries have consistently said is needed to help them cope with a climate crisis they have done least to cause.

[Source: CNN]