UN climate talks return from brink of collapse to clinch $450 billion deal

Baku: Countries agreed on Sunday to an annual finance target of $460 billion to help poorer countries deal with the impacts of climate change, with rich countries leading the payments, according to a hard fought deal clinched at the COP29 conference in Baku. The new goal is intended to replace developed countries’ previous commitment to provide $150 billion per year in climate finance for poorer nations by 2020. That goal was met two years late, in 2022, and expires in 2025.

Activists participate in a demonstration for climate finance at the COP29 UN Climate Summit. Credit: AP Countries also agreed on rules for a global market to buy and sell carbon credits that proponents say could mobilise billions more dollars into new projects to help fight global warming, from reforestation to deployment of clean energy technologies. On Saturday, negotiators went from one big room where everyone tried to hash out a deal together into several separate huddles of upset nations.



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