Wealthy nations boost climate finance offer to $300 billion at COP29

Wealthy countries at COP29 have raised their climate finance offer to $300 billion annually by 2035, up from a previous proposal of $250 billion. This change comes after developing nations criticized the initial amount as inadequate. Developing countries are still seeking $390 billion by 2035, emphasizing the need for more substantial support. Negotiations continue as delegates work to finalize a climate funding plan amid ongoing disagreements. The new offer aims to replace the previous commitment of $100 billion per year, which was met two years late. Key discussions include who will contribute and the balance between grants and loans in the funding.