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COP29 Climate Finance Deal: A Mixed Bag for Developing Countries

The COP29 climate conference yields a $300 billion agreement, drawing criticism for failing to meet developing nations' funding requests for climate mitigation.

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Updated: Nov 24th, 2024, 2:04 PM ET

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At COP29, a climate finance agreement was reached, promising $300 billion annually for developing countries, far below the requested $1.3 trillion. Despite a tripling of previous commitments, delegates expressed disappointment, labeling the deal 'woefully inadequate.' Critique focused on procedural issues and the perceived backroom negotiations that excluded many developing nations' voices. Various NGOs condemned the deal as a 'death sentence for millions,' reflecting ongoing tensions between rich and poor countries regarding climate action. The future of global climate cooperation remains uncertain as dissatisfaction grows among vulnerable nations.

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