Rich nations boost climate finance offer to $300 billion at COP29

Rich nations have increased their climate finance offer at COP29, proposing $300 billion annually by 2035. This is an increase from a previous offer of $250 billion. The new target aims to replace the expired commitment of $100 billion per year. Negotiations faced challenges, with some developing countries expressing frustration and temporarily walking out. However, they remain committed to reaching an agreement. A global carbon credit market was also established to help fund climate initiatives. Brazil is advocating for an even higher target of $390 billion annually. The discussions also focus on contributions from various countries and the balance between grants and loans in funding.