COP29: Rich Nations Propose $300bn Deal Amid Climate Talks Tension

At the COP29 summit, wealthy countries, including the EU and the U.S., have proposed increasing climate finance to $300 billion annually by 2035 to aid developing nations, following criticism of a previous $250 billion offer. The proposal aims to replace the $100 billion annual commitment set to expire in 2025. However, developing countries, like Brazil, are pushing for $390 billion by 2035, and negotiations continue over the specifics of the funding, including contributions and grant versus loan allocations. The recent election of Donald Trump as U.S. president has added uncertainty to the talks.