Wealthy Nations Face $300 Billion Climate Finance Challenge by 2035

Developed nations are urged to contribute $300 billion annually by 2035 to aid poorer countries in tackling climate change, as per a new draft from U.N. climate talks. This replaces a previous $250 billion proposal, highlighting financial responsibilities amid disagreements over climate funding contributions.

Developed nations are being called upon to contribute $300 billion annually by 2035 to assist poorer countries in their climate change efforts, following a draft deal unveiled at the U.N. climate talks. The European Union, United States, and other wealthy countries have signaled support for this initiative aimed at resolving a deadlock during the summit.

The proposal, differentiated from previous draft negotiating texts, suggests setting a target of at least $300 billion per year for developing country Parties to tackle climate change. However, for this to take effect, consensus among nations is required, underscoring the complexity of reaching an agreement at COP29 in Baku.

The financial responsibility of industrialized countries, whose historical fossil fuel use has largely contributed to greenhouse gas emissions, is central to the discussions. The summit revealed divisions between rich governments with stringent domestic budgets and developing nations grappling with escalating climate-related disasters, highlighting the ongoing political and economic struggles.

(With inputs from agencies.)