The Azerbaijani presidency of the COP29 climate talks has proposed a figure of $250 billion to replace the current $100 billion contribution from rich countries by 2035. This financing is intended to help developing countries transition to clean energy and adapt to climate change impacts. The new text also calls for scaling up financing to developing countries to at least $1.3 trillion per year by 2035, although this figure is seen as aspirational. Developing countries have been pushing for more funding, with China insisting on a goal of $1.3 trillion a year.
The new proposal includes funding from a variety of sources, including public and private funding, grants, and private sector investment. It also invites developing countries to make additional contributions, in line with demands from the European Commission to broaden the donor base to include emerging economies.
The initial proposal faced resistance from developing countries and small island states, who rejected a first draft of the agreement for not including a specific funding figure. The coming hours will reveal whether this new proposal is enough to satisfy their demands. The negotiations have been marked by heated debates and tensions between different parties, but the hope is that this new financing commitment will pave the way for further progress towards addressing climate change on a global scale.
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