Wealthy nations at the COP29 summit have proposed increasing their climate finance offer to $300 billion annually by 2035. This comes after criticism from developing countries who deemed the previous offer of $250 billion insufficient.

Climate Finance Negotiations

The negotiations involve nearly 200 countries striving to reach a consensus on a climate funding plan for the next decade. The urgency of the situation is underscored by the need for a robust financial framework to support developing nations grappling with the impacts of climate change.

The new proposal aims to replace the previous commitment of $100 billion per year, which was met two years late. However, it remains uncertain whether this increase will garner the necessary support from developing countries.

Divisions and Calls for Participation

The negotiations have revealed divisions between wealthy nations and developing countries, with questions regarding the distribution and nature of the funding. Brazil's Minister of the Environment and Climate Change has advocated for an even higher target of $390 billion by 2035.

The negotiations have also highlighted the historical roster of countries expected to contribute to climate finance, with a growing call for emerging economies to participate.

Impact of COP29

The outcome of COP29 will shape the immediate financial landscape for climate action and set the tone for future negotiations and commitments.