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

  • Countries at COP29 agreed to a $300 billion annual finance target to support poorer nations in dealing with climate change impacts, with wealthier nations leading the payments.
  • Developing nations criticized the agreement as insufficient, while United Nations climate chief Simon Steill called it an insurance policy for humanity.
  • The funding is far below the $1.3 trillion requested by developing countries but is three times the previous deal of $100 billion annually that is expiring.
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