Criticism rains down on Baku's new climate finance deal

A new financial agreement to help the most vulnerable countries was reached at the 29th UN climate conference in Baku, world agencies reported. It is intended to help the most affected governments deal with the consequences of global warming, but the amount they will receive each year has already been criticized as insufficient.

The deal between representatives of nearly 200 countries in Baku was approved thanks to hours of additional negotiations. By the originally scheduled official end of the two-week climate summit, there was still no agreement.

The new agreement offers developing countries $300 billion a year until 2035. This is far less than the $1.3 trillion requested by poor countries to combat the effects of climate change.

Prospects for a deal appeared slim after representatives of the Alliance of Small Island States earlier walked out of talks.

Criticism of the deal has already begun, with India's representative saying the $300 billion agreed upon was paltry and Nigeria's describing it as a "mockery". The Bolivian negotiator was adamant that the text "perpetuates climate injustice".

For the second time, Bulgaria has its own pavilion at the UN climate conference
However, British Energy Minister Ed Miliband emphasized that although the amount is not all that was requested, it is a step forward.

European Commissioner for Climate Policy Wopke Hoekstra said that the Baku conference will be remembered as a new era for climate finance and the result achieved is actually extremely important.

According to Switzerland, the final text of the Baku conference was "watered down". "We can and must do better next year,", emphasized the Swiss delegation.