Wealthy nations agree to raise climate finance target to $300 billion by 2035 at COP29

At the COP29 climate summit in Baku, wealthy nations, including the EU and the US, have agreed to raise their climate finance target to $300 billion per year by 2035. This is an increase from a previously proposed $250 billion, which developing countries found inadequate. Negotiators are working to finalize the deal, which requires consensus from nearly 200 countries. The new target aims to replace the earlier commitment of $100 billion annually, which was met two years late in 2022. Discussions continue on key issues, such as which countries will contribute and the balance between grants and loans. Developing nations have expressed concerns that a weak deal would hinder their ability to address climate change effectively.