COP29 Sets Ambitious Climate Finance Goals: $1.3 Trillion by 2035

The COP29 presidency's new draft climate finance proposal aims for developed nations to provide $250 billion annually by 2035. It also seeks a broader target of $1.3 trillion from all sources by the same year. The updated draft emphasizes contributions from both public and private sectors.

The COP29 presidency unveiled an ambitious climate finance draft on Friday, setting a new standard for global cooperation by urging developed nations to spearhead a financial effort amounting to $250 billion annually through 2035.

The draft proposal, released in Baku, also outlines a stretch target of amassing a total of $1.3 trillion, combining contributions from both public and private sectors, to combat climate change.

This move signals an intensifying focus on sustainable funding, crucial for meeting international climate objectives. The proposal is currently under review, with contributors including Kate Abnett and Karin Strohecker, and edits managed by Alex Richardson and William James.

(With inputs from agencies.)