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Cop29: wealthy countries agree to raise climate finance offer to $300bn a year

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EU and nations including the UK, US and Australia indicate they will make the increase in exchange for changes to a draft text, sources say

US climate envoy John Podesta, second from left, and deputy envoy Sue Biniaz, fourth from left, head into an elevator at Cop29 in Baku, Azerbaijan, on Saturday after the climate summit went past its scheduled finish time on Friday.US climate envoy John Podesta, second from left, and deputy envoy Sue Biniaz, fourth from left, head into an elevator at Cop29 in Baku, Azerbaijan, on Saturday after the climate summit went past its scheduled finish time on Friday.

Multiple sources said the EU and several members of the umbrella group of countries including the UK, US and Australia had indicated they could go to $300bn in exchange for other changes to a draft text released on Friday. Claudio Angelo, from Observatório do Clima in Brazil, said rich countries had “clearly arrived to ditch their obligations”. “After three years of negotiations the first time we ever saw quantum in the text was yesterday,” he said.

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