BAKU, Azerbaijan — Negotiators reached a deal early Sunday in which rich countries agreed to provide at least $300 billion per year in financing by 2035 to help poorer nations fight climate change.
The agreement, struck and approved early Sunday at the COP29 climate summit, emerged after days of public and closed-door recriminations and finger-pointing among the nearly 200 nations represented at the gathering by the Caspian Sea.
Those included a testy, shout-filled meeting before dawn Saturday in which major economic powers, including the United States, United Kingdom, the European Union and China, battled over how the cash would be delivered and by which countries, two people familiar with that discussion told POLITICO.
Afterward, large rich nations agreed to bump up their offer from a $250 billion proposal that the summit’s hosts had floated Friday.
