COP29 Climate Summit's Ambitious Finance Draft Sparks Debate

A new draft climate finance deal presented at COP29 proposes developed nations lead with $250 billion annually by 2035, aiming for $1.3 trillion from all sources. A European negotiator expressed concerns over the high costs and limited contributor expansion. The Baku summit seeks agreement on this vital funding plan.

At COP29 in Baku, a new draft climate finance deal has been announced, proposing that developed nations lead efforts by providing $250 billion annually until 2035. Additionally, the plan aims to raise $1.3 trillion per year from various funding sources by the same year.

A European negotiator voiced concerns about the draft, stating that the proposed financial commitments are too high and criticizing the lack of measures to broaden the contributor base. "No one is comfortable with the number," the negotiator commented.

The climate summit, attended by global representatives, is under pressure to agree on a comprehensive funding strategy to assist poorer nations in combating climate change effects and reducing emissions, though negotiations could extend if no consensus is reached by the scheduled end later on Friday.

(With inputs from agencies.)