BAKU – Wealthy countries, including the United States, European Union, and Britain, have agreed to increase their proposed annual global climate finance target to $300 billion by 2035, sources reported on Thursday. The proposal is a response to criticism from developing nations who deemed the earlier figure of $250 billion insufficient to address the escalating impacts of climate change.
The discussions, taking place at the COP29 summit in Baku, Azerbaijan, reflect ongoing tensions over climate finance, a key issue in negotiations aimed at supporting vulnerable nations in adapting to climate impacts and transitioning to cleaner energy sources.
The revised proposal, championed by the EU, reportedly gained backing from other wealthy nations, including the U.S., Australia, and Britain. Talks stretched into the early hours as negotiators sought consensus on a new draft agreement.
Developing countries, which have consistently called for greater financial commitments, have yet to formally respond to the updated offer. The enhanced pledge will likely face scrutiny as vulnerable nations seek clarity on the mechanisms for fund allocation and distribution.
A European Commission spokesperson declined to comment on the state of negotiations, while the U.S. delegation has not yet issued a statement. The finance target is expected to be a cornerstone of any final COP29 agreement, as nations work to strengthen global solidarity in combating climate change amid worsening climate-related disasters worldwide.