COP29 talks extended as developing nations reject $250 billion climate finance offer

The COP29 climate summit has been extended after developing nations criticized a proposed $250 billion annual climate finance offer by 2035, calling it insufficient compared to their demand of $1.3 trillion. This proposal has raised concerns about a potential deadlock similar to the 2009 Copenhagen summit. The draft also altered language regarding developed nations' obligations, suggesting they would only "take the lead" in funding rather than fully commit. Brazil warned that inadequate financing could impact next year's climate commitments, emphasizing the link between finance and climate action. Experts have stated that the proposed funding falls short of what is needed to meet Paris Agreement goals. They argue that without adequate finance, countries may struggle to enhance their climate pledges at COP30 in Brazil next year.