Developing nations criticize COP29 climate finance proposal as inadequate
At the COP29 summit in Baku, rich nations proposed $250 billion in climate finance for poorer countries, which has been criticized as "totally unacceptable" and insufficient. Developing nations argue they need at least $390 billion annually by 2035 to address climate change. The proposal aims to replace a previous $100 billion target but falls short of the $1.3 trillion needed each year. The G77 group of developing countries is calling for a minimum of $500 billion, highlighting the disparity in funding expectations. Negotiations are ongoing, with discussions focused on balancing adaptation and mitigation financing. The talks have been complicated by political factors, including the recent election of Donald Trump and the withdrawal of Argentina's negotiators.