Wealthy Nations Boost Climate Finance Target to $300 Billion by 2035

At the COP29 climate summit, the EU, US, and other wealthy nations pledged to increase the global finance target to $300 billion annually by 2035. The move follows backlash against a $250 billion proposal. Key countries like Australia and Britain are now in agreement.

During the COP29 climate summit, leading economies including the European Union, the United States, and others announced a significant increase in their financial commitments. The revised offer now stands at $300 billion per year by 2035, sources disclosed on Saturday.

This shift follows the sharp criticism directed at a prior $250 billion proposal, drafted by Azerbaijan's COP29 presidency. Developing countries dismissed the initial offer as unacceptably low.

Five insider sources confirmed the European Union's willingness to accept the escalated target, with further confirmations coming from two sources that the United States, Australia, and Britain have also shown their agreement.

(With inputs from agencies.)