Rich nations boost climate finance offer to $300 billion at COP29 to seek agreement
Wealthy nations have increased their climate finance offer to $300 billion per year at COP29, aiming to reach an agreement with developing countries. This new proposal follows earlier offers that were deemed insufficient. Negotiations extended beyond the planned end date as nearly 200 countries sought consensus on funding for climate change. Developing nations expressed frustration with the process, but some remained hopeful for a deal. The new funding goal replaces a previous commitment of $100 billion annually, which was met two years late. Brazil is advocating for an even higher target of $390 billion per year by 2035.