COP29 Stalemate: $250B Climate Finance Proposal Sparks Tension
At the COP29 climate summit in Baku, a draft agreement proposes that wealthy countries, including the U.S. and EU, provide $250 billion annually in climate finance to developing nations by 2035. This figure is significantly lower than the $1 trillion-plus sought by poorer countries to address climate change impacts. The proposal has sparked criticism from developing nations, who argue the amount is insufficient and unclear, particularly regarding the mix of public and private funding. The draft also suggests that wealthier developing countries like China could contribute voluntarily.