Wealthy Nations Commit $300 Billion for Climate Finance

At the COP29 climate summit in Azerbaijan, wealthy nations, including the EU and the US, have agreed to raise their climate finance offer to $300 billion annually by 2035, following backlash against a previously proposed $250 billion target deemed insufficient by developing countries. This agreement came after intense negotiations as the summit extended past its scheduled conclusion. The EU, along with the US, Australia, and the UK, indicated their willingness to accept the higher figure, although it remains unclear if this revised offer has been communicated to developing nations. Delegates are now awaiting a new draft of the climate finance deal, which aims to replace the expiring commitment of $100 billion per year that was met two years late. Critics argue that even the new target is still significantly below the actual needs of developing countries, which are grappling with the impacts of climate change. The negotiations reflect ongoing tensions between wealthy nations with budget constraints and poorer countries facing escalating climate-related costs.