Wealthy nations agree to raise climate finance target to $300 billion at COP29
Wealthy countries, including the European Union and the United States, have agreed to increase their climate finance target to $300 billion per year by 2035 at the COP29 summit. This decision follows criticism of a previous $250 billion proposal from developing nations. The change in position reflects a response to concerns raised by developing countries about the adequacy of the initial offer. Sources indicate that Australia and Britain also support the new target. Delegates at the summit in Baku, Azerbaijan, are awaiting a new draft of the climate finance deal. It is unclear if the updated target has been shared with developing countries.