Activists say the climate agreement effectively signed away the 1.5-degree Celsius target—"our only real chance to safeguard humanity’s future.”

The COP29 climate deal, agreed to Saturday evening in Baku, Azerbaijan, provides vital insights into the future of global climate cooperation. Why it matters: The finance agreement pleased virtually no one but proved multilateralism is ailing but not dead.

A document that came out from COP 29 today states trillions of dollars will be provided and mobilized for climate finance. Understand the discussions behind this outcome.

BAKU, Nov 24 (Reuters) - Countries agreed to a hard-fought COP29 deal to provide $300 billion in annual climate finance by 2035. But while some delegates reacted to the agreement early Sunday with a standing ovation, others voiced anger and lambasted wealthy nations for not doing more.

The cost of borrowing money can be up to seven times higher for developing countries than the US and Europe. This is because lenders see poorer countries as riskier places to invest, given their perceptions of political instability or low credit ratings. This arrangement entrenches inequality.

COP29 discussions emphasized finance and carbon markets, potentially channeling billions into businesses. Countries must submit detailed climate plans to the UN for COP30. A $300 billion annual finance deal by 2035 was reached,

The European Union, U.S. and other wealthy countries at the COP29 summit have agreed to raise their offer of climate funding to $300 billion per year by 2035 to help developing nations grapple with climate change,

United Nations climate negotiators agreed on a funding formula to help developing countries cope with the effects of climate change early Sunday in Azerbaijan after two weeks of intense negotiations.

BAKU, AZERBAIJAN - At the ongoing Cop29 conference in Baku, India has criticised a proposed deal that would see wealthy nations contribute 300-billion dollars annually in climate finance to developing countries.