A bitterly-fought climate finance deal reached at COP29 risks weakening emissions-cutting plans from developing countries, observers say, further raising the stakes for new national commitments due early next year.

It’s not near the $1.3 trillion developing countries were asking for, but it’s three times the 2009 deal that is expiring.

The agreement was meant to provide momentum for efforts to curb global warming in a year destined to be the hottest on record. Instead it left developing countries frustrated.