All countries reject COP29 climate finance draft as developing nations demand $1.3 trillion annually

All countries at COP29 have rejected a draft climate finance package aimed at supporting developing nations. The draft, released on November 21, 2024, failed to address the critical question of how much funding developed countries will provide annually starting in 2025. Developing nations are demanding at least $1.3 trillion each year to tackle climate challenges, significantly more than the $100 billion pledged in 2009. In contrast, developed countries are discussing a target of only $200 billion to $300 billion annually, which has been met with strong criticism from developing nations. The COP29 presidency has invited countries to submit new proposals, with a revised draft expected later today. The focus remains on establishing a clear financial commitment from developed nations, as trust has been eroded by past funding delays and inadequate support.