COP29 proposes $300 billion annual climate finance deal for developing nations

COP29 in Azerbaijan has released a final draft of a climate finance deal, urging wealthy nations to commit at least $300 billion annually to support developing countries. This proposal marks a significant increase from the previous offer of $250 billion. The new draft also aims for a long-term goal of raising climate finance to $1.3 trillion per year by 2035. Delegates are preparing for a closing session to discuss and possibly adopt the plan, while negotiations continue on various concerns. The talks faced challenges, nearly collapsing before a breakthrough meeting led to the current draft. Key representatives from major countries participated in discussions to find common ground among nearly 200 nations.