Developed nations to pay $250 billion a year in draft climate conference plan

Wealthy countries agreed at the UN climate talks to triple their financial supports to $300 (€288 million) billion a year for vulnerable developing nations after a last-minute deal was reached in Baku early on Sunday.

But the deal reached at the close of the two-week COP29 summit in Azerbaijan resulted from fractious and at times openly hostile negotiations, producing an agreement that even its supporters may see as insufficient and disappointing.

Rich countries have pledged to contribute $300bn a year by 2035 to help poorer nations combat the effects of climate change after two weeks of intense negotiations at the United Nations climate summit (COP29) in Azerbaijan’s capital, Baku.

But coming after negotiations that frequently teetered on the very edge of collapse, the result does keep climate talks alive despite Donald Trump’s second coming, and has laid the first ever international foundation, however weak, on which the world could finally construct a system of financing poor countries’ transition away from fossil fuels.