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The proposal represents a more than doubling of an existing USD 100 billion annual commitment that expires next year, but it would give another decade to reach the new target.
The UN’s COP29 summit pushed for a USD 250 billion international funding deal to help poor countries combat climate change, nudging almost 200 nations towards an agreement as the talks enter the final stretch.
Following overnight attempts to bridge the deep differences that had spilled into public view, delegates at the gathering in Azerbaijan were provided with a new negotiating text. The new proposal called for rich nations to provide USD 250 billion annually by 2035 through a wide variety of sources, including public finance and bilateral and multilateral deals.
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The proposal represents a more than doubling of an existing USD 100 billion annual commitment that expires next year, but it would give another decade to reach the new target.
