A failure to factor in inflation means the $300bn (£240bn) climate finance deal agreed at Cop29 is not the tripling of pledges that has been claimed, economists have said.
The international talks in Baku were pulled back from the brink of collapse early on Sunday morning when negotiators struck an agreement in which rich countries promised to raise $300bn a year by 2035. On paper, this is a tripling of the previous climate finance target of $100bn a year by 2020, and has been trumpeted as such by the UN and others.
