Developing nations criticize $250 billion climate finance offer at Cop29 summit
Developing countries have criticized a $250 billion annual climate finance offer from wealthy nations, calling it insufficient. They demand at least $1.3 trillion, with some estimates reaching $5 trillion, to effectively address climate challenges. The offer, part of a draft agreement at the Cop29 climate summit in Azerbaijan, is seen as inadequate by many. Activists and officials argue that the proposed funding, which includes contributions from private investments, does not meet the urgent needs of poorer nations. Negotiations will continue as countries seek to revise the draft. The initial proposal faced backlash, and further discussions may lead to new iterations of the agreement.