The summit has agreed for richer countries to aim for $300bn in funding per year to support poorer countries dealing with the impact of climate change.
The COP29 climate talks have reached a last ditch deal on cash for developing countries, pulling the summit back from the brink of collapse after a group of countries stormed out of a negotiating room earlier. The slew of deals finally signed off in the small hours of Sunday morning in Azerbaijan includes one that proved hardest of all - one about money.
Panama's climate envoy Juan Carlos Monterrey Gomez said there is 'light at the end of the tunnel'. Just hours ago, the talks almost fell apart, as furious vulnerable nations stormed out of negotiations in frustration over that elusive funding goal. They were also angry with oil and gas producing countries, who stood accused of trying to dilute aspects of the deal on cutting fossil fuels. The UN talks work on consensus, meaning everyone has to agree for a deal to fly.
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