Developed nations are urged to contribute $300 billion annually by 2035 to assist poorer countries in addressing climate change, as outlined in a draft deal from COP29 talks in Baku. This new target replaces the previous $100 billion commitment, which was met late, and reflects ongoing tensions between wealthy and developing nations over climate finance responsibilities. The agreement also includes rules for a global carbon credit market aimed at mobilizing additional funding for climate initiatives.
Tensions are rising at COP29 as Saudi Arabia resists reaffirming last year's fossil fuel transition pledge, crucial for global climate efforts. While the US and Europe push for stronger commitments, Saudi Arabia argues the agreement is just one of many options to address emissions. The negotiations aim to replace the $100 billion climate finance pledge with a more substantial commitment to support poorer nations in building green economies.
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