Developed nations propose $200 to $250 billion climate finance goal at COP29, falling short of developing countries' expectations

At COP29 in Baku, developed nations are discussing a new climate finance goal of $200 to $250 billion for developing countries. This proposal falls short of the $600 billion in grants that developing nations expect, leading to potential disagreements. The Independent High-Level Expert Group has called for mobilizing $1 trillion annually by 2030 for climate investments in emerging markets and developing countries. They emphasize that current proposals do not meet the necessary financial commitments. China has announced a voluntary climate finance contribution of $3.1 billion. Meanwhile, developed countries claim to have exceeded their previous climate finance goals, but experts argue that much of this funding consists of loans, increasing debt for developing nations.