Global Finance Target Raised to $300 Billion at COP29

The COP29 summit sees developed nations increase their climate finance offer to $300 billion annually by 2035, surpassing a previous proposal of $250 billion. This move follows criticism from developing countries. Negotiations continue to finalize commitments and contributors, with a broader goal of $1.3 trillion by 2035 also on the table.

The COP29 climate summit witnessed developed nations, including the EU, US, and others, propose an increased climate finance target of $300 billion per year by 2035. This decision came after a previous offer of $250 billion was deemed insufficient by developing countries.

Negotiations between approximately 200 countries stretched beyond the intended conclusion, as delegates worked tirelessly to secure consensus on the new climate funding plan. The updated target aims to replace the existing commitment of $100 billion annually, which was finally met in 2022 and is set to expire in 2025.

However, the agreement demands more than the target figure alone. Discussions focused on contributor nations and the financing structure, whether grants or loans, remain unresolved. Additionally, geopolitical shifts, such as Donald Trump's election, cast uncertainty over contributions from key players like the US during the upcoming term.

(With inputs from agencies.)