COP29 draft proposes rich nations give $250 bn a year in climate finance

Baku: A new draft deal at UN climate talks on Friday proposes rich nations commit $250 billion a year to help poorer nations combat global warming in...

Baku: A new draft deal at UN climate talks on Friday proposes rich nations commit $250 billion a year to help poorer nations combat global warming in a bid to break the deadlocked negotiations.

With the gathering scheduled to end Friday, delegates from nearly 200 nations had eagerly awaited COP29 hosts Azerbaijan's new proposal after two weeks of fraught bargaining.

The text sets an ambitious overall target to raise a total of $1.3 trillion per year by 2035, with the money from rich governments at the core of funding that would be coupled with private-sector investments.

It is the first time concrete numbers were formally proposed at talks dominated by divisions over how to boost assistance for developing nations to cut emissions and adapt to climate change.

The existing pledge committed wealthy nations most responsible historically for global warming to provide $100 billion a year in climate finance.