Australia news LIVE: Last-minute legislation on final sitting week agenda; Climate deal struck at COP29

In the wee hours Sunday at the United Nations climate talks, countries from around the world reached an agreement on how rich countries can cough up the funds to support poor countries in the face of climate change.

It’s a far-from-perfect arrangement, with many parties still deeply unsatisfied but some hopeful that the deal will be a step in the right direction.

Here’s how they got there:

What was the finance deal agreed at climate talks?

Rich countries have agreed to pool together at least $300 billion a year by 2035. It’s not near the full amount of $1.3 trillion that developing countries were asking for, and that experts said was needed. But delegations more optimistic about the agreement said this deal is headed in the right direction, with hopes that more money flows in the future.

What will the money be spent on?

The deal decided in Baku replaces a previous agreement from 15 years ago that charged rich nations $100 billion a year to help the developing world with climate finance.

The new number has similar aims: it will go toward the developing world’s long laundry list of to-dos to prepare for a warming world and keep it from getting hotter. That includes paying for the transition to clean energy and away from fossil fuels. Countries need funds to build up the infrastructure needed to deploy technologies like wind and solar power on a large scale.

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Why was it so hard to get a deal?

Election results around the world that herald a change in climate leadership, a few key players with motive to stall the talks and a disorganized host country all led to a final crunch that left few happy with a flawed compromise. Developing nations also faced some difficulties agreeing in the final hours.

Meanwhile, activists ramped up the pressure: many urged negotiators to stay strong and asserted that no deal would be better than a bad deal. But ultimately the desire for a deal won out.

AP