Baku: Setting a new climate finance target to help developing countries undertake climate action , including shifting from fossil fuels and carbon-intensive development pathways was the top priority at the COP29 climate summit . Nearly a decade after the Paris Agreement, all rules and standards for international carbon markets were finalised.

Three years of discussions on the new target or the New Collective Quantified Goal (NCQG), and two weeks of negotiations in the Azerbaijani capital resulted in the new target of "at least 300 billion by 2035.

Just like the $100 billion announced in Copenhagen in 2009 and formalised in 2010 in Cancun, and reaffirmed in Paris in 2015, the new goal will be mobilised from a variety of sources-- public funds, mobilised private investment and unspecified "alternative" sources.

The new climate finance target "is the final nail in the coffin of 1.5C. Accelerating mitigation actions without the required means of implementation is only a fool's dream," said Vaibhav Chaturvedi, Senior Fellow at the New Delhi-based think tank CEEW.

Rich industrialised countries have, since 2015, been pushing for the inclusion of high income and high emitting developing countries, such as China and the Gulf petro-states.

Closed door bilateral meetings, particularly between the European Union and China, with the United States as well, led to a formulation that expanded the contributor base without proving too onerous for China.

All climate related flows and climate-related finance mobilised by multilateral development banks will account towards the $300 billion target.

This work around means that all developing county shareholders of multilateral development banks will be contributing to the new climate finance goal.

"The industrialised countries have been precise in calculating the amount '300' precisely.

The major portion of this goal will be provided by the development banks with their loans", said Jan Kowalzig, Senior Policy Adviser Climate Change , Oxfam Germany.

Effectively, developed countries could substantially reduce the amount of public money given to developing countries as climate finance.

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This target will require "all actors" to work together to enable the scaling up of financing to developing countries for climate action.

These funds will be from all public and private sources.

Planning for a process to scale up finances, Baku to Belem Roadmap, will be initiated early 2025.

"No one is specifically responsible for this $1.3 trillion," said Kowalzig.

"This COP has been a disaster for the developing world.

It's a betrayal of both people and planet, by wealthy countries who claim to take climate change seriously.

Rich countries have promised to "mobilise" some funds in the future, rather than provide them now. The cheque is in the mail.

But lives and livelihoods in vulnerable countries are being lost now," said Mohamed Adow, Director, Power Shift Africa, a Nairobi-based climate and energy think tank Despite efforts by industrialised countries for further agreements on mitigation or emission reduction, Baku yielded little beyond a reiteration of the agreement in Dubai to triple renewables, double rate of energy efficiency and moving away from fossil fuels.