This is reported by CNN.
Wealthy nations have committed to providing $300 billion annually until 2035 to assist poorer countries in coping with the impacts of the climate crisis and transitioning their economies to clean energy.
However, several countries have criticized this allocated amount as grossly insufficient.
The decision was reached after extensive negotiations, which led to the COP29 summit, originally set to conclude on November 22, being extended for more than a day, with the agreement on funding being the primary expectation from the summit.
The main disagreement among participants centered on which countries should contribute and how much funding should be allocated for climate financing.
The $300 billion will aid vulnerable, impoverished nations in managing devastating extreme weather events and transitioning their economies to environmentally friendly energy sources.
Economists believe that to effectively assist countries in addressing the climate crisis, a significantly larger amount—$1.3 trillion—is necessary.
The 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change, better known as the UN Climate Change Conference, commenced in Baku on November 11.
The conference is considered a crucial platform for discussing global solutions aimed at achieving a fair and sustainable world in the fight against climate change.
Ukraine presented solutions to the environmental challenges arising from the full-scale war and highlighted the damage inflicted on the planet's environment due to the conflict.
However, even before the conference began, there was criticism regarding the choice of Azerbaijan as the host country, given its status as a major oil and gas producer.
Additionally, Azerbaijan has faced accusations of human rights violations and ethnic cleansing against the former Armenian population of Nagorno-Karabakh, as well as criticism for authoritarianism and high levels of corruption.
The official partners of COP29 include companies owned by President Ilham Aliyev's family or those with ties to his family's business interests.