Draft deal at COP29 calls for rich nations to commit $250 billion annually by 2035

At COP29 in Azerbaijan, a draft deal proposes that developed countries commit $250 billion annually by 2035 to support poorer nations. This amount is an increase from the previous goal of $100 billion but falls short of the $1.3 trillion requested by developing countries. The draft describes the $1.3 trillion as a "global goal," encouraging all sectors, including the private sector, to contribute. This approach aims to distribute responsibility more broadly rather than placing it solely on developed nations. Developing countries can choose to contribute to this target or treat it as a supplement. This flexibility allows countries like China to participate without being fully accountable. Further consultations are ongoing, with a new draft expected soon.