Cop29 secures last-minute $300bn climate finance deal

Delegates finally agree after a dramatic day of prolonged negotiations and loud protests echoing through corridors

- STUTI MISHRA

A last-minute $300bn climate finance deal has been secured at Cop29 after a dramatic day of prolonged negotiations, which saw walkouts by vulnerable nations and protests echoing through the corridors.

Countries agreed to the annual finance target to help poorer countries deal with the impacts of climate change, with rich countries leading the payments, according to a hard-fought agreement clinched at the United Nations summit in Azerbaijan today, which saved the talks from collapse.

It is not near the full amount of $1.3trillion that developing countries were asking for, but it is three times the $100bn a year deal from 2009 that is expiring.

The treaty acknowledged the need for $1.3 trillion and called for mobilising that amount annually through various sources.

The fresh agreement was criticised by developing nations, who called it insufficient, but UN climate chief Simon Steill hailed it as an insurance policy for humanity.

"It has been a difficult journey, but we've delivered a deal," Mr Steill said after the agreement was finalised.

“This deal will keep the clean energy boom growing and protect billions of lives. It will help all countries to share in the huge benefits of bold climate action: more jobs, stronger growth, cheaper and cleaner energy for all.

“But like any insurance policy, it only works if the premiums are paid in full and on time.”

Fiji delegation chief Biman Prasad said: “Everybody is committed to having an agreement. They are not necessarily happy about everything, but the bottom line is everybody wants a good agreement.”

The Cop29 climate conference in the Azerbaijan capital Baku had been due to finish on Friday, but ran into overtime as negotiators from nearly 200 countries struggled to reach consensus on the climate funding plan for the next decade.