Explainer: Why COP29 Baku Outcome is a Bad Deal for Poor, Vulnerable Nations

NAIROBI & BAKU, Nov 26 (IPS) - The culmination of bitter, difficult, and challenging climate negotiations concluded with an announcement from the COP29 Presidency of Azerbaijan of the "agreement of the Baku Finance Goal—a new commitment to channel USD1.3 trillion of climate finance to the developing world each year by 2035." This is on top of the USD 300 billion that the developed world is to extend to developing nations annually by 2035.

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