BAKU, Azerbaijan – The world reached a groundbreaking climate agreement at COP29 in Baku on Saturday, where wealthy nations vowed to provide $300 billion annually by 2035 to assist developing countries in dealing with the escalating impacts of the climate crisis. However, this figure was met with criticism from many developing countries who view it as insufficient.

The agreement, following intense and sometimes chaotic negotiations, was finalized more than 30 hours past the deadline set by nearly 200 countries. Despite fears of the talks collapsing, the parties eventually came to an agreement to allocate the $300 billion towards helping vulnerable nations combat extreme weather events and transition to cleaner energy sources.

Simon Stiell, head of the United Nations Framework Convention on Climate Change, described the deal as an “insurance policy for humanity” given the worsening climate impacts observed globally. However, the amount pledged falls short of the $1.3 trillion deemed necessary by economists to adequately address the crisis faced by developing countries, sparking outrage among many of them.

One prominent critic of the agreement was India’s representative Chandni Raina, who slammed the $300 billion as a meager amount that fails to address the magnitude of the climate challenge faced by all nations. Tina Stege, an envoy from the Marshall Islands, lamented the insufficient funding available for climate-vulnerable countries.

Developing nations present at the summit advocated for a larger financial commitment from wealthier nations, with a focus on providing grants rather than loans to avoid furthering debt burdens. The G77 group of developing countries had pushed for $500 billion, but this proposal was rejected by richer nations citing economic constraints.

The COP29 summit highlighted the ongoing struggle to balance political feasibility with the need for substantial climate action. The event, hosted in Azerbaijan, a major oil-producing nation, attracted a significant presence of fossil fuel lobbyists, reflecting the challenges in prioritizing environmental concerns over economic interests.

The urgency of addressing climate change has become increasingly apparent, especially in a year marked by record-breaking temperatures and destructive weather patterns worldwide. Despite the contentious negotiations and varied reactions to the final agreement, the COP29 summit underscores the complex and critical nature of international efforts to combat climate change.