Wealthy countries agree to boost climate finance to $300 billion annually at UN talks
Wealthy countries at the UN climate talks in Azerbaijan have agreed to increase their climate finance offer to $300 billion a year for developing nations. This decision follows criticism of a previous $250 billion target, which was deemed insufficient. The agreement was reached during late-night negotiations involving key nations, including the EU, UK, US, and Australia. In exchange for the increased funding, these countries are seeking changes to the draft text of the climate deal. Developing nations have expressed dissatisfaction with the overall financial support, emphasizing the need for more direct grants rather than loans. They argue that the proposed funding falls short of the estimated $1.3 trillion needed annually by 2035 to effectively address climate challenges.