This year's Climate Summit (COP29) reached an agreement on the new climate finance target, to be paid by rich countries to developing ones.

After a proposal of 250 billion dollars generated some indignation, the rich countries agreed to an additional 50 billion dollars. They set funding for developing countries at 300 billion dollars a year. The budget was approved by around 200 countries on Saturday night in Baku, Azerbaijan.

The amount should be channeled to the countries targeted by 2035 to deal with climate change, but it is still considered insufficient.

"The goal is not what we had hoped to achieve. After years of discussions, it's not ambitious for us," said Evans Njewa, a Malawian diplomat and head of the Least Developed Countries bloc.

The agreed contribution "is an insult to the demands of developing countries," said Diego Pacheco, Bolivia's chief negotiator. "The payment of the climate debt is the right of the countries of the Global South," he said, to a standing ovation in the room where the plenary session was being held.

The developing countries wanted the rich countries to commit to taking on 500,000 millionand that the money should come predominantly in the form of donations rather than loans, which they fear will leave them even more in debt.