COP29's Landmark $300 Billion Climate Deal: A New Insurance for Humanity

Countries at COP29 conference in Baku agreed to an annual $300 billion finance target to help poorer nations tackle climate change effects, replacing the $100 billion goal set for 2020. This deal faced mixed reactions, hailed by some as vital while critiqued by others as insufficient.

A historic agreement was reached at the COP29 conference in Baku where countries set an annual climate finance target of $300 billion. This target aims to support poorer nations facing the brunt of climate change impacts, with wealthier countries leading the charge in payments.

The newly set goal will replace the previous $100 billion per year commitment aiming to balance the financial responsibility laid upon developed nations, who have historically contributed the most to greenhouse gas emissions. Despite criticisms of inadequacy from some developing countries, the deal was praised by U.N.'s Simon Steill as a crucial insurance policy for humanity.

The path to the agreement was fraught with challenges, as debates over financial responsibilities and contributions from countries like China and oil-rich Gulf states surfaced. The summit culminated in defining a path towards combating climate change efficiently with a broader goal of raising $1.3 trillion in climate finance by 2035, amidst concerns of rising global temperatures and geopolitical tensions.

(With inputs from agencies.)