The draft COP29 climate financing proposal proposes a $250 billion target for wealthy countries

On Friday, the COP29 Presidency released a draft deal on climate finance that would see developed nations taking the lead and providing $250 billion annually by 2035.

According to the draft, a larger goal was also established to raise $1.3 trillion per year by 2035. This would include funding both from public and private sources.

The new draft agreement was deemed too expensive by a European negotiator, and did not do enough to increase the number of contributing countries.

The negotiator stated that "no one is happy with the number because it is high and there is little or nothing about increasing the contributor base."

The COP29 Climate Summit in Baku, the Caspian Sea City, is tasked with establishing a comprehensive funding plan that will help the poorer countries cope with the increasing impacts of global climate change and reduce their emissions.

The talks will end later this Friday but they could extend if an agreement is not reached. Reporting by Kate Abnett, Karin Strohecker and Richard Valdmanis. Writing by Richard Valdmanis. Editing by Alex Richardson, William James and William James.

(source: Reuters)