COP29 Summit Secures $300 Billion Climate Finance Boost

At the COP29 climate summit, wealthy nations, including the EU and the US, agreed to increase their global finance target offer to $300 billion per year by 2035. This decision followed criticism from developing nations over a previously proposed $250 billion deal. Negotiations continue in Baku, Azerbaijan.

In a significant development at the COP29 climate summit, the European Union, the United States, and other affluent countries announced plans to raise their global finance target offer to $300 billion per annum by 2035, according to sources on Saturday. The revised proposal comes in response to backlash from developing nations over an earlier $250 billion offer deemed insufficient.

Informed sources revealed that the EU, along with the US, Australia, and Britain, is now aligned with the increased financial commitment. Delegates participating in the United Nations climate talks in Baku, Azerbaijan, awaited the unveiling of a new draft agreement on Saturday morning, following intensive overnight negotiations.

However, whether the new proposal has been formally communicated to developing countries remains unclear. Both the European Commission spokesperson and the US delegation at COP29 have abstained from commenting on the ongoing talks, leaving stakeholders awaiting official remarks.

(With inputs from agencies.)