Developed nations propose $300 billion annual climate finance for Global South by 2035

Developed nations have proposed a $300 billion annual climate finance package for developing countries by 2035. This offer comes after three years of negotiations and is significantly lower than the $1.3 trillion requested by the Global South. The new proposal aims to replace the previous $100 billion commitment made in 2009. It includes the Baku to Belem Roadmap, which seeks to align global finance with the $1.3 trillion goal, but does not place full responsibility on developed countries. Negotiations faced disruption when representatives from the Least Developed Countries and the Alliance of Small Island States walked out, citing a lack of consultation and insufficient financial commitments for their needs.