Official press releases or statements from international organizations

COP29 Draft Deal: $250 Billion Annual Climate Finance for Poorer Countries by 2035

Nov 22, 2024, 05:28 AM

At the COP29 climate summit in Baku, Azerbaijan, a new draft deal proposes that developed nations contribute $250 billion annually by 2035 to help poorer countries combat global warming. This proposal, which marks the first formal suggestion of a specific amount, has sparked a divide between rich and poor nations. Developing countries, led by African nations, argue that the amount is insufficient, with some calling it an insult. The draft deal has been criticized for lacking detail on funding sources, leading to ongoing negotiations as the conference, set to conclude on November 22, 2024, enters overtime.