COP29 clinches $300 billion climate finance deal
By Kate Abnett, Valerie Volcovici and Karin Strohecker, Reuters
Attendees walk past the COP29 logo during the United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, on 21 November 21, 2024.
Photo: AFP
Countries agreed on Sunday to an annual finance target of $300 billion (NZ$514b) to help poorer countries deal with impacts of climate change, with rich countries leading the payments, according to a hard fought deal clinched at the COP29 conference in Baku.
The new goal is intended to replace developed countries' previous commitment to provide $100 billion (NZ$171b) per year in climate finance for poorer nations by 2020. That goal was met two years late, in 2022, and expires in 2025.
The agreement was criticised by developing nations, who called it insufficient, but Unit...