Developing nations blast $300 billion Cop29 climate deal as insufficient

Countries at the Cop29 summit in Baku adopted a $300 billion a year global finance target on Sunday to help poorer nations cope with impacts of climate change, a deal its intended recipients criticised 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.

Some delegates gave the deal a standing ovation in the Cop29 plenary hall. Others lambasted wealthy nations for not doing more and criticised the Azerbaijan host for hurriedly gavelling through the contentious plan.

"I regret to say that this document is nothing more than an optical illusion," Indian delegation representative Chandni Raina told the closing session of the summit, minutes after the deal was gavelled in. "This, in our opinion, will not address the enormity of the challenge we all face. Therefore, we oppose the adoption of this document."

United Nations climate chief Simon Stiell acknowledged the difficult negotiations that led to the agreement but hailed the outcome as an insurance policy for humanity against global warming.

"It has been a difficult journey, but we've delivered a deal," Stiell said. "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."

It also laid bare divisions between wealthy governments constrained by tight domestic budgets and developing nations reeling from costs of storms, floods and droughts.

(Reuters)

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