$300 billion pledge at COP29 climate summit a “paltry sum”
The world’s most important climate talks were pulled back from the brink of collapse after poorer countries reluctantly accepted a finance package of “at least” $300 billion a year from wealthy nations after bitter negotiations.
Fears about stretched budgets around the world and the election of Donald Trump as US president, who has described climate change as a “hoax,” drove the developing countries into acceptance of the slightly improved package after Sunday 2:30 am local time in Baku.
The UN COP29 climate summit almost collapsed twice throughout Saturday evening and into the early hours of Sunday morning, as vulnerable nations walked out of negotiations and India objected stridently.