COP29 Summit: A Contentious $300 Billion Climate Finance Deal

At the COP29 summit in Baku, countries agreed on a $300 billion annual global finance target to help poorer nations cope with climate change impacts. However, the deal was criticized as insufficient and exposed divisions over financial responsibility. It lays groundwork for future climate action, despite skepticism and negotiations.

Countries at the COP29 summit in Baku agreed to a $300 billion annual global finance target on Sunday, set to aid poorer nations in dealing with the impacts of climate change. Despite the standing ovation from some delegates, others criticized the agreement as insufficient and an 'optical illusion.'

Negotiations, concluding in overtime, shed light on the persistent divide over financial responsibility, with wealthier nations under fire for not contributing more. UN climate chief, Simon Stiell, acknowledged the tough discussions but praised the deal as a step forward for global warming efforts.

This agreement sets the stage for next year's climate summit in Brazil's Amazon rainforest, although concerns remain about future commitments, especially from nations like Saudi Arabia. The financing plan also faces challenges from domestic politics and global geopolitical tensions.

(With inputs from agencies.)