COP29 clinches $300 bn climate finance deal after exhaustive COP29 talks: Video

This quickly faced widespread backlash from poorer nations most affected by climate change. While nearly 200 countries reached a consensus on the finance pact, many developing nations dismissed the $300 billion annual pledge from wealthy nations as insufficient, calling it "insultingly low."

The intense negotiations, which stretched over two weeks of chaotic bargaining and sleepless nights, concluded in a sports stadium in Baku. Diplomats from both developed and developing countries struggled to reconcile deep divisions.

However, the applause following the deal's approval was short-lived, with India immediately rejecting the proposed financial commitment. Indian delegate Chandni Raina described the pledge as “abysmally poor” and “a paltry sum.”

"This document is little more than an optical illusion. This, in our opinion, will not address the enormity of the challenge we all face," the AFP quoted Raina.

The central issue at the summit was the amount wealthy nations, historically responsible for the majority of global emissions, should contribute to support poorer countries, which bear the brunt of the climate crisis despite having contributed the least to it.

The $300 billion annual pledge, which is a significant increase from the previous $100 billion commitment, was met with anger from developing countries. Many had demanded at least $500 billion to help vulnerable nations build resilience against climate disasters and transition to greener economies.

Despite strong opposition, the deal passed after tense negotiations, with developing nations reluctantly agreeing to it despite its shortcomings.

A key component of the deal is the commitment from developed nations to provide at least $300 billion per year by 2035 for climate finance. However, critics argue this amount falls far short of the billions required to address the growing impacts of climate change.