have agreed to raise their offer of climate funding to $300 billion per year by 2035 to help developing nations grapple with climate change, aThe summit had been due to finish on Friday but ran into overtime as negotiators from nearly 200 countries – who must adopt the deal by consensus – tried to reach an agreement onA $250 billion proposal for a deal, drafted by Azerbaijan’s COP29 presidency on Friday, was deemed woefully insufficient by developing countries.
The new goal is intended to replace developed countries’ previous commitment to provide $100 billion in climate finance for poorer nationsFive sources with knowledge of the closed-door discussionssaid the EU had agreed it could accept the higher number of $300 billion a year. TwoA European Commission spokesperson and an Australian government spokespersondeclined to comment on the negotiations. The U.S.
Negotiators have worked throughout the two-week summit to address other critical questions on the target, including who is asked to contribute and how much of the funding is on a grant basis, rather than provided as loans.
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