COP29: Summit ends with $300bn a year climate finance deal for developing nations

After concerns climate talks in Baku could collapse, the gavel came down on a finance deal in the early hours of the morning.

Transcript

00:00It's past 3 a.m. and a new climate finance deal has just landed here in Baku.

00:08After hours of negotiations, countries have reached a compromise on the key sticking point,

00:13the so-called New Collective Quantified Goal, the very core issue of this summit.

00:18They've now agreed to provide $300 billion in annual climate finance by 2035.

00:24Earlier on Saturday, negotiators from the least developed countries group and the Alliance

00:29of Small Island States walked out of the meeting room as discussions between developed

00:35and developing nations over the latest draft text intensified.

00:40The debate over raising the $250 billion proposal made on Friday further deepened the divide

00:46between countries.

00:47The G7-7 plus China group, representing over 130 developing nations, demanded at least

00:53$250 billion annually by 2035, calling for more transparency about the structure and

01:00form of these funds.

01:02Many admitted it has not been an easy journey.

01:05And while the EU welcomed the outcome with a commissioner for climate stating in the

01:08plenary that the $1.3 trillion objective can still be achieved, India voiced its disappointment.

01:17Governments have also reached agreements on carbon markets and found a compromise on adaptation.

01:23Even though the new climate finance deal doesn't fully meet the requests from poorer countries,

01:28it has opened a new chapter in the climate talks and most importantly saved COP29 from

01:34the brink of collapse.

01:36Giorgia Orlandi for Euronews, COP29 in Baku.