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News World Wealthy countries back raising COP29 climate deal to $300 billion, sources say

Wealthy countries back raising COP29 climate deal to $300 billion, sources say

At the COP29 climate summit, the European Union, United States, and other wealthy nations agreed to raise their global finance target to $300 billion per year by 2035. This change in position came after a $250 billion proposal, put forward by Azerbaijan's COP29 presidency, was rejected by developing countries as insufficient.

Reuters WORLD
Published November 23,2024
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WEALTHY COUNTRIES BACK RAISING COP29 CLIMATE DEAL TO $300 BILLION, SOURCES SAY

The European Union, United States and other wealthy countries at the COP29 climate summit have agreed to raise their offer of a global finance target to $300 billion per year by 2035, sources told Reuters on Saturday.

The shift in position came after a $250 billion proposal for a deal, drafted by Azerbaijan's COP29 presidency on Friday, was panned by developing countries as insultingly low.

Five sources with knowledge of the closed-door discussions said the EU had agreed they could accept the higher number. Two of the sources said the United States, Australia and Britain were also on board.