COP29: Rich Nations Propose $300B Climate Finance Amidst Tensions

At the COP29 summit in Baku, a draft deal proposes that wealthy nations contribute $250 billion annually by 2035 to help poorer countries cope with climate change impacts. The draft, which follows extensive negotiations, aims to address the financial responsibilities of rich countries for historical greenhouse gas emissions. While some developing nations and activists find the offer insufficient, wealthier countries are cautious about voter backlash. The plan also suggests that China, despite its developing country status, could voluntarily contribute to the target.