COP29 concludes with $300 billion annual deal for developing countries

Developing countries, which had requested more than $1 trillion in aid, say it is not providing the critical support they need to effectively tackle the climate crisis. Although he expected a “more ambitious” result, the UN chief calls on governments to see it as a foundation and build on it.

The United Nations climate talks concluded on Sunday in Baku with the commitment of developed countries to invest at least 300,000 million dollars a year in the global fight against climate change. Developing countries, which had appealed for more than $1 trillion in aid, called the agreement an “insult” and said it does not provide the critical support they need to effectively address the crisis. They also agreed on the rules for a UN-backed global carbon market. This market will facilitate the trading of carbon credits, incentivizing countries to reduce their emissions and invest in climate-friendly projects.

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