Global leaders have struck a $460 billion annual climate funding deal at COP29. 

The agreement, finalised in Baku, Azerbaijan, commits nations to provide this sum annually until 2035 to help developing countries adapt to the escalating impacts of climate change. 

Wealthy nations will shoulder the majority of the payments, replacing the expiring $100 billion annual pledge.  

UN climate chief Simon Stiell hailed the decision as a vital safety net.

“This deal will keep the clean energy boom growing and protect billions of lives. But like any insurance policy, it only works if the premiums are paid in full and on time,” he said.  

The deal came after heated debates, with India among its greatest opponents. 

“This document is nothing more than an optical illusion... We oppose the adoption of this document,” India’s representative Chandni Raina said. 

Earlier, representatives from small island states and least-developed nations walked out of negotiations, frustrated by the lack of inclusivity and urgency. 

A breakthrough was also achieved on carbon trading rules. 

Nations adopted a framework enabling countries and businesses to trade carbon credits to support projects such as reforestation and clean energy deployment. 

However, critics warn that past issues could be repeated, urging that new markets avoid creating more problems than the previous voluntary carbon markets.

While some celebrated the agreement, others called for more ambitious action. 

“I had hoped for a more ambitious outcome... Commitments must quickly become cash,” UN Secretary-General António Guterres said.

With COP30 set for Brazil in 2025, nations face the challenge of ensuring timely contributions and equitable implementation. 

The COP29 deal represents a significant financial commitment but leaves much work to be done to ensure meaningful action against climate change.  

More details are accessible here.

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