Rich nations raise COP29 climate finance offer in bid to break deadlock

Developed nations should pay $300 billion a year by 2035 to help poorer countries deal with climate change, according to a new draft deal from U.N. climate talks published early on Sunday, after an earlier target of $250 billion was rejected.

BAKU — Countries agreed on Sunday to an annual finance target of $300 billion to help poorer countries deal with impacts of climate change, with rich countries leading the payments, according to a hard fought deal clinched at the COP29 conference in Baku.

The new goal is intended to replace developed countries’ previous commitment to provide $100 billion per year in climate finance for poorer nations by 2020. That goal was met two years late, in 2022, and expires in 2025.

The agreement was criticized by developing nations, who called it insufficient, but United Nations climate chief Simon Steill hailed it as an insurance policy for humanity.

“It has been a difficult journey, but we’ve delivered a deal,” Steill said after the agreement was adopted.

“This deal will keep the clean energy boom growing and protect billions of lives. It will help all countries to share in the huge benefits of bold climate action: more jobs, stronger growth, cheaper and cleaner energy for all.”

https://www.nbcnews.com/news/world/climate-action-cop29-deal-rcna181508

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