Agreement reached at COP29 to allocate $300 billion annually for global warming mitigation

At the U.N.’s COP29 climate conference in Baku, representatives from around 200 countries signed a document, under which wealthy nations should provide $300 billion annually to help poorer countries combat climate change.

India has expressed opposition to the agreement, kommersant.ru writes, referring to AFP.

“The proposed amount is tiny. It is a trifling sum. This document is nothing more than a visual illusion. We think it will not help solve the big issue we all face,” Leena Nandan said.

A group of 134 developing countries has demanded an annual allocation of $500 billion.

According to AFP, the deal was finalized after two weeks of chaotic “deals” and sleepless nights. Developing nations threatened to entirely withdraw from the discussions if wealthy countries did not agree to provide more funding.

The U.S. and the EU wanted to include large contributions from newly emerging economies, such as China. Beijing currently funds global warming mitigation efforts but on its own terms. The COP29 agreement encourages voluntary contributions from developing countries but does not impose any payment obligations.