Developing nations blast $404b COP29 climate deal as insufficient

Agreement also includes broader goal of raising US$1.3 trillion annually by 2035

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Countries at the COP29 summit in Baku adopted a US$300 billion (S$404 billion) global finance target to help poorer nations cope with the impacts of climate change, a deal roundly criticised by its intended recipients as woefully insufficient.

The agreement, clinched in overtime at the two-week conference in Azerbaijan's capital, was meant to provide momentum for international efforts to curb global warming in a year destined to be the hottest on record.

Instead, it left developing countries frustrated.

"I regret to say that this document is nothing more than an optical illusion," Indian delegation representative Chandni Raina told the closing plenary session of the summit minutes after the deal was gavelled in on Nov 24.

"This, in our opinion, will not address the enormity of the challenge we all face."

UN climate chief Simon Stiell acknowledged the two weeks of excruciating negotiations that led to the agreement, but hailed the outcome as an insurance policy for humanity.

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

"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 works only if the premiums are paid in full, and on time."

The agreement replaces rich countries' previous commitment to provide US$100 billion per year in climate finance - a goal that was met two years late, in 2022, and which expires in 2025.

The COP29 climate conference had been due to finish on Nov 22, but ran into overtime as negotiators from nearly 200 countries struggled to reach a consensus on the climate funding plan for the next decade.