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COP29 Reaches $300 Billion Climate Finance Deal Amidst Criticism and Divisions

  • Rich countries have agreed to pool at least $300 billion a year by 2035 for climate finance, as detailed in the COP29 agreement.
  • The New Collective Quantified Goal on Climate Finance aims to mobilize $1.3 trillion annually from public and private sources by 2035, though many remain unsatisfied with the arrangement.
  • UN Secretary-General Antó nio Guterres praised the complex negotiations and effort to build consensus, marking a shift from a previous $100 billion agreement.
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