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

Wealthy nations increased their climate finance offer to poorer countries to $300 billion per year by 2035 during COP29 talks in Baku, Azerbaijan. This follows a rejection of an earlier $250 billion proposal by developing nations facing severe climate impacts. Negotiators are seeking a compromise as discussions extend beyond the scheduled end. The European Union is advocating for annual reviews of fossil fuel phase-out efforts, facing resistance from Saudi Arabia, which opposes stricter commitments. Activists criticized wealthy nations for not meeting their obligations and urged developing countries to remain firm. The overall target for climate funding is set at $1.3 trillion annually, with most expected from private sources.