Deal struck for $300bn for developing countries at COP29 after talks had looked set to collapse
24 November 2024, 00:39
COP29 climate talks have struck a deal worth $300bn for developing countries to fight the climate crisis after talks had looked set to breakdown earlier in the day.
Listen to this article
Loading audio...
More than 190 countries in Baku have agreed a target for richer polluting countries like the UK, EU and Japan to drum up $300bn a year by 2035 to help poorer nations adapt to climate change.
It comes after island nations which are vulnerable to climate change and some African countries have stormed out of COP29.
Climate talks in Baku, Azerbaijan, were on the verge of breaking down after they were extended having been set to finish yesterday.
Representatives of a group of more than 77 nations which are vulnerable to climate change walked out of the talks.
But they eventually settled on a figure short of the $500bn in funding they wanted.
Read More: UK to scrap warships, military helicopters and fleet of drones to save £500m
The proposal trebled the previous goal of $100bn but is still someway short of the annual $1.3trn that experts say is required.
Samoa's minister of natural resources and environment Toeolesulusulu Cedric Schuster is a representative of the group which walked out of talks on Saturday.
Mr Schuster said: "We are here to negotiate but we have walked out... at the moment we don't feel we are being heard in there."
He later said: "We want nothing more than to continue to engage, but the process must be INCLUSIVE.
"If this cannot be the case, it becomes very difficult for us to continue our involvement here at COP29."
Evans Njewa, who chairs a group of more than 40 third world countries said the offer is "unacceptable for us. We need to speak to other developing countries and decide what to do."
