11 sources·World

COP29 Summit Negotiations Extended as Wealthy Countries Revise Climate Finance Proposal to $300 Billion Annually

At COP29, wealthy nations increased their climate financing proposal from $250 billion to $300 billion annually, though developing nations still see this as inadequate.

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Updated: Nov 23rd, 2024, 9:46 AM ET

Summary

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During the COP29 Summit in Azerbaijan, wealthy countries raised their climate financing offer from $250 billion to $300 billion annually by 2035, following criticism of the original proposal. This amount remains significantly below the $1.3 trillion needed annually by developing nations for effective climate change mitigation. The summit extended beyond its scheduled conclusion as negotiations continued among representatives from nearly 200 countries. Activists and developing nations have expressed dissatisfaction with the proposal, indicating that even the newly suggested figure is insufficient, highlighting ongoing frustrations over inadequate support amid rising climate emergencies.

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