Azerbaijan sets $250 billion annual climate finance target at COP29

Azerbaijan, hosting COP29, has proposed a new climate finance target of $250 billion annually by 2035. This replaces the previous $100 billion goal set in 2009, aiming to support developing countries in their transition to clean energy. The proposal includes funding from various sources, both public and private. However, developing nations have called for a much higher target of $1.3 trillion per year, which is now recognized only as an aspirational goal in the new text. The response from developing countries remains uncertain, as they previously rejected an earlier draft of the agreement. They criticized wealthy nations for not providing a clear financial commitment during negotiations.