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Nations at UN climate talks agree on $300B a year for poor countries in a compromise deal

  • Countries agreed to an annual finance target of $300 billion to support poorer nations in dealing with climate change impacts during the COP29 conference in Baku.
  • The agreement aims to replace the prior commitment of $100 billion per year in climate finance by developed nations.
  • While criticized by developing nations as insufficient, United Nations climate chief Simon Steill called it an insurance policy for humanity.
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