At the COP29 climate conference in Baku, Azerbaijan, a contentious climate finance agreement was reached, but developing nations have strongly rejected the $300 billion annual pledge from wealthy nations, calling it “paltry” and “insulting.” The deal, which aims to help poorer countries combat climate change, was negotiated after two weeks of tense discussions, but many leaders from developing countries, including India, Sierra Leone, and the Marshall Islands, voiced their disappointment. They had pushed for at least $500 billion per year to meet the growing demands of nations most affected by climate change but least responsible for its causes.

The $300 billion commitment, which was pushed by developed nations under political pressure, is a step up from a previous $100 billion pledge but falls short of expectations. The deal, which also encourages contributions from emerging economies like China, still faces criticism from experts and activists, who argue that it doesn't go far enough to address the crisis. Despite their dissatisfaction, developing nations ultimately agreed to the deal, with UN officials acknowledging that no country received everything it wanted. The deal has been described as a "betrayal" by those advocating for stronger climate action and finance.