Main points of the $300bn climate deal

The deal reached at UN climate talks in Azerbaijan ramps up the money that wealthy historic emitters will provide to help poorer nations transition to cleaner energy and adapt to global warming. Here are the main points of the agreement reached at COP29 in Baku:

$300 BILLION

Under a framework established by the UN in 1992, 23 developed countries -- and the European Union -- historically responsible for most planet-heating emissions are obliged to contribute to climate finance.

The Baku accord raises the amount of money that developed countries must provide to at least $300 billion per year by 2035. It is higher than the $100 billion that is currently required under a previous agreement that runs until next year.

But it falls well short of the $500 billion that some developing countries had demanded at the fraught negotiations in Baku.

The deal states that the money will come directly from a "wide variety of sources" including government budgets, private sector investment, and other financing.

CHINA ROLE

The United States and EU had pushed to broaden the donor base to include countries that are still listed as developing but have now become wealthy, such as China and Saudi Arabia.

But China, the world's second-biggest economy and top emitter of greenhouse gases, has steadfastly refused to change its status while recalling that it already provides bilateral aid.

SHARE OF MONEY

The negotiations were also the scene of disagreements within the developing world.

The Least Developed Countries bloc had asked that it receive $220 billion per year, while the Alliance of Small Island States wanted $39 billion -- demands that were opposed by other developing nations. The figures did not appear in the final deal. Instead, it calls for tripling other public funds they receive by 2030.

FOSSIL FALLOUT

Activists are worried that the promise to "transition away" from fossil fuels -- the main achievement of COP28 in Dubai -- disappeared from the final deal in Baku.

A text that was supposed to reinforce implementation of the landmark agreement was ultimately not adopted at the close of COP29, after a long battle that had already largely emptied it of its substance.