US and EU support new $300 billion annual climate finance target at COP29

At the COP29 climate summit, the United States and the European Union supported a new global finance target of $300 billion per year by 2035. This proposal comes after developing countries criticized a previous offer of $250 billion as insufficient. Negotiators from nearly 200 countries are working to finalize the deal, which aims to replace the earlier commitment of $100 billion annually for climate finance that was met two years late. The new target is still under discussion, with key details yet to be agreed upon. The negotiations highlight tensions between wealthy nations and developing countries, with the latter seeking more substantial support to address climate change impacts. The least developed countries plan to present their demands to the COP29 president, emphasizing the need for a stronger agreement.