COP29 Proposes $250 Billion Climate Finance for Developing Nations

At COP29 in Azerbaijan, a proposal emerged for developed nations to contribute $250 billion annually by 2035 to aid poorer countries in combating climate change. This figure is a significant increase from the previously established $100 billion target set in 2009, and aims to mobilize a total of $1.3 trillion yearly, inclusive of private investments. However, this proposal has faced criticism from developing nations, which are seeking between $500 billion and $1.3 trillion per year, arguing that the new target is insufficient given rising climate challenges. The proposal highlights the necessity for contributions from emerging economies like China, while some EU representatives deem the higher demands politically unrealistic. Activists and developing country representatives have expressed skepticism about the adequacy of this funding, indicating that it falls short of the urgent financial requirements posed by climate change impacts. The negotiations are ongoing, with expectations that discussions will extend beyond the scheduled end date due to these unresolved disparities.