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COP29 proposes $250bn annual climate finance for developing countries

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A new text draft released at the ongoing COP29 on climate finance has proposed a $250 billion commitment from developed countries to the global south.

new text released at the ongoing COP29 climate talks has proposed a $250 billion annual climate finance target for developing countries by 2035.

The proposed commitment forms part of a wider climate finance target of $1.3 trillion by 2035, with the majority of the funding expected to come from developed countries, supplemented by private sector contributions. “In this context, it is decided to set a goal in extension of the goal referred to in paragraph 53 of decision 1/CP.21, with developed country Parties taking the lead, to USD 250 billion per year by 2035 for developing country Parties for climate action,” the text reads on part.Advertisement

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