World Agrees on $300B Climate Aid Financial Deal - After COP29 Summit 'Nearly Implodes'

"At points there was fear the talks would implode, as groups representing vulnerable small island states and the least-developed countries walked out of negotiations Saturday," according to a new report from CNN.

But after weeks of international climate talks at COP29, "the world agreed to a new climate deal... "with wealthy countries pledging to provide $300 billion annually by 2035 to poorer countries to help them cope with the increasingly catastrophic impacts of the climate crisis." The amount pledged, however, falls far short of the $1.3 trillion economists say is needed to help developing countries cope with a climate crisis they have done least to cause — and there has been a furious reaction from many developing countries. a fiery speech immediately after the gavel went down, India's representative Chandni Raina slammed the $300 billion as "abysmally poor" and a "paltry sum," calling the agreement "nothing more than an optical illusion" and unable to "address the enormity of the challenge we all face."

Others were equally damning in their criticism. We are leaving with a small portion of the funding climate-vulnerable countries urgently need," said Tina Stege, Marshall Islands climate envoy. Stege heavily criticized the talks as showing the "very worst of political opportunism." Fossil fuel interests "have been determined to block progress and undermine the multilateral goals we've worked to build," she said in a statement...

There was also a push for richer emerging economies such as China and Saudi Arabia to contribute to the climate funding package, but the agreement only "encourages" developing countries to make voluntary contributions, and places no obligations on them... Saudi Arabia, the world's top oil exporter, which has pushed against ambitious action at past climate summits, seemed even more emboldened in Baku, publicly and explicitly rejecting any reference to oil, coal and gas in the deal.
The package "is also being criticised as short-sighted from the richer world's perspective," notes the BBC: The argument runs that if you want to keep the world safe from rising temperatures, then wealthier nations need to help emerging economies cut their emissions, because that is where 75% of the growth in emissions has occurred in the past decade.
But "Delegations more optimistic about the agreement said this deal is headed in the right direction," writes the Associated Press, "with hopes that more money flows in the future." The text included a call for all parties to work together using "all public and private sources" to get closer to the $1.3 trillion per year goal by 2035. That means also pushing for international mega-banks, funded by taxpayer dollars, to help foot the bill. And it means, hopefully, that companies and private investors will follow suit on channeling cash toward climate action. The agreement is also a critical step toward helping countries on the receiving end create more ambitious targets to limit or cut emissions of heat-trapping gases.