Western leaders welcomed the deal, as US President Joe Biden says the world is "one significant step closer" to achieving climate goals.

Developing countries had hoped rich countries would commit $1.3 trillion each year to help them deal with the effects of climate change and to speed up the development of renewable energy

Countries agreed on a deal to inject at least $300 billion annually in humanity's fight against climate change, aimed at helping poor nations cope with the ravages of global warming at tense United Nations climate talks in the city where industry first tapped oil.