After intense negotiations, wealthy nations at the COP29 climate summit in Baku pledged to provide $300 billion annually by 2035 to help developing countries adapt to climate change and transition to greener economies. The agreement nearly collapsed due to disputes over financing levels, as developing countries had demanded $1.3 trillion annually. Critics argue the pledged amount is insufficient given the growing climate challenges, but negotiators framed it as a step toward addressing climate financing gaps.
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