COP29 in Azerbaijan Proposes $250 Billion Annually from Developed Nations by 2035 for Climate Aid to Nearly 200 Nations

Nov 22, 2024, 12:17 PM

At the ongoing COP29 summit in Azerbaijan, a new draft agreement has been proposed, calling for developed nations to contribute $250 billion annually by 2035 to assist developing countries in combating climate change. This proposal marks the first formal financial target set by the presidency of the summit. The draft agreement aims to mobilize international funding to support nearly 200 nations in their climate efforts. The contributions are intended to address the urgent need for climate finance as discussions progress towards a potential consensus among participating countries.