COP29 climate finance draft proposes $250 billion target from wealthy countries

The COP29 presidency on Friday (November 22, 2024) released a new draft climate finance deal that would have developed nations take the lead in providing $250 billion per year by 2035.

The draft also set a broader goal to raise $1.3 trillion annually by 2035, which would include funding from all public and private sources, according to the draft.

A European negotiator told Reuters the new draft deal was too costly and didn't do enough to expand the number of countries contributing.