Draft deal at COP29 calls for $250 billion in annual climate finance from wealthy nations

A new draft deal at COP29 proposes that wealthy nations contribute $250 billion annually to help poorer countries address climate change. This figure has been criticized by developing nations and activists as insufficient compared to their needs. The draft aims to raise at least $1.3 trillion per year by 2035, combining public and private funding. Developing countries had sought an increase from the current $100 billion annual commitment. Negotiations have faced challenges, with disagreements over fossil fuel policies and funding levels. Azerbaijan, hosting the talks, is under pressure to address these issues amid frustrations from various nations and groups.