BAKU: Countries at the COP29 summit in Baku adopted a US$300 billion global finance target to help poorer nations cope with the impacts of climate change, a deal roundly criticised by its int

A new proposal was soundly criticized, especially by African nations and small island states

The two-week conference cut to the heart of the global debate over the financial responsibility of rich industrialised countries, who caused the bulk of greenhouse gas emissions.

The Alliance of Small Island States walked out because they did not want to engage with the rough draft in Baku.

Developing nations are seeking $1.3 trillion to adapt to and recover from climate impacts, and transition to clean energy.

(Bloomberg) — COP29 appeared set for a last-ditch deal as key negotiators agreed to a broad blueprint on climate finance, pulling the United Nations talks in Azerbaijan back from the brink of collapse.

BAKU: The European Union on Saturday (Nov 23) raised an offer by rich nations to help poor countries worst hit by climate change to US$300 billion a year in a bid to salvage talks that the developing world warned were on the brink of collapse. Negotiators worked through the night in a windowless sport

New U.N. climate rules allow wealthy nations to buy carbon offsets, raising concerns about greenwashing and transparency issues.

Rich countries negotiating support for developing countries at the climate summit in Baku are prepared to pay 300 billion dollars a year in climate aid from 2035, sources told Reuters news agency. An earlier proposal mentioned 250 billion dollars a year, an amount that poor countries said was far too low.

A new draft of a deal on cash to curb and adapt to climate change released Friday at the United Nations climate summit pledged $250 billion annually by 2035 from wealthy countries to poorer ones. The amount pleases the countries who will be paying, but not those on the receiving end.

As delegates from all over the world attend the opening of COP29 in Azerbaijan this Monday, we focus on the financial needs of developing economies in their bid to transition to a green economy and build…