Baku: The COP29 president, Mukhtar Babayev, has described the climate finance deal reached at the UN climate summit as "imperfect," blaming wealthier nations for its shortcomings.

The agreement commits $300 billion annually from developed nations to assist poorer countries in reducing emissions and tackling climate impacts. However, it has faced backlash from developing nations, who deemed it insufficient and inequitable.

Babayev highlighted that historical emitters resisted increasing their contributions during negotiations and claimed the deal, though flawed, was a step forward from the $100 billion pledged in 2015.

While the pact sets a broader $1.3 trillion annual target by 2035, Babayev admitted the industrialized world's contributions were inadequate and private sector promises too theoretical. The deal also leaves room for voluntary contributions from nations like China, which is classified as a developing country under UN rules.

The outcome, criticized by nations such as India and Nigeria, will serve as a foundation for further negotiations at COP30 in Brazil next year.