COP29: protests as world leaders agree on $300bn climate finance deal to help poorer countries

Economic news

After two weeks of intense deliberations and negotiations, world leaders at the 29th United Nations Climate Summit in Baku, Azerbaijan, reached a consensus on the Baku Finance Goal. The new package adopted includes a fresh pledge by wealthy nations to provide $300 billion annually to poorer countries to help them address climate change challenges. The new deal may seem impressive as it triples the previous $100 billion goal set in 2009. However, it did not meet the hopes of negotiators and delegates from the Global South, especially those from Africa and similar regions, with the Nigerian delegation describing it as an insult.

Source : The Street Journal

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