Countries agreed on Sunday to an annual finance target of $300 billion to help poorer countries deal with impacts of climate change, with rich countries leading the payments, according to a hard fought deal clinched at the COP29 conference in Baku.

At the COP29 summit, a $300 billion annual global finance target was set to aid poorer nations facing climate change impacts. The agreement has been criticized for its insufficiency, revealing tensions between developed and developing nations over financial responsibilities and highlighting challenges in global climate action.

This year's U.N. climate summit delivered a deal on climate finance two days past deadline, after two weeks of tense negotiations. The summit's main agenda item - setting a new annual target for global climate finance - had nations wrangling for two weeks.