At the COP29 summit, the EU, the US, and other developed countries agreed to increase climate finance to $300 billion annually by 2035. The previous proposal of $250 billion was rejected as insufficient.

The European Union, the United States and other rich countries at the COP29 summit agreed to increase their climate finance offer to $300 billion a year by 2035 to help developing countries fight climate change, sources said Saturday, after a previous proposal was rejected as insultingly low, Reuters reported, UNN wrote.

Details

The summit was supposed to end on Friday, but was delayed as negotiators from nearly 200 countries, who must adopt a consensus agreement, struggled to reach a deal on a plan to finance climate change measures for the next decade.

The $250 billion deal proposal prepared by Azerbaijan's COP29 presidency on Friday was perceived by developing countries as grossly insufficient.

It is unclear whether the revised position of rich countries was officially communicated to developing countries at the meeting in the Azerbaijani capital Baku, and whether this will be enough to gain their support.

The COP29 talks exposed the differences between wealthy governments constrained by tight domestic budgets and developing countries hit by the skyrocketing costs of storms, floods and droughts caused by climate change, the newspaper notes.

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