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UPDATED: COP29 draft calls for $250bn climate finance from wealthy nations

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The new draft emphasises the need for developed nations to take the lead in providing climate finance to developing countries.

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The recent development occurred just 24 hours after the release of a 10-page draft on Thursday, which drew significant criticism from negotiators and delegations representing the Global South. “No one is comfortable with the number, because it’s high and next to nothing on increasing the contributor base,” the negotiator was quoted as saying.Following the latest draft text released Friday afternoon by the COP29 presidency, several

“Now it’s time for rich nations to step up. It’s as simple as that. Rich nations have not yet shown the courage they need to show to deliver on the debt they owe for the climate crisis they have caused,” she said.

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