At the COP29 climate negotiations in Baku, a new agreement mandates developed countries to contribute at least $300 billion annually to assist poorer nations in transitioning to cleaner energy by 2035. While raising the financial commitment from the previous $100 billion requirement, the accord falls short of the $500 billion requested by some developing nations. The agreement seeks to enhance private investment while allowing for voluntary contributions from developing countries. Concerns were raised about the omission of commitments to phase out fossil fuels from the final deal.