COP29 draft deal proposes rich countries give $250 billion in climate finance

Baku: A new COP29 draft finance deal on Friday proposes rich countries commit $250 billion a year to help vulnerable nations cope with the warming planet and to accelerate the global switch to renewable energy.

The new draft outcome text called for the overall climate financing goal to reach at least USD 1.3 trillion by 2035.

Sharing a post on X, the COP29 wrote, "As a first reflection of parties indications, the New Collective Quantified Goal decision contains a call on all parties to work together to scale up financing to developing countries for climate action from all public and private sources to at least USD 1.3 trillion per year by 2035."

"Further, reflecting the submission of developed country parties, it includes a decision to set a goal in extension of the goal of jointly mobilising USD 100 billion per year, with developed country parties taking the lead, to USD 250 billion by 2035 for developing country parties for climate action," the post added.

The COP29 draft text further stated, "We will further engage with parties to collectively agree final adjustments to the few outstanding yet important issues. We will continue to work hard, inclusively and transparently, to press all sides for the highest ambition outcome possible."

Meanwhile, United Nations Secretary-General Antonio Guterres called on the nations to come together at the ongoing COP29 summit to deliver climate justice.

Sharing a post on X, Guterres wrote, "International cooperation - centred on the #ParisAgreement - is indispensable to #ClimateAction. Amidst geopolitical divisions, the world needs countries to come together at #COP29 to deliver climate justice and move us closer to securing a decent world for all humanity."

The 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29) kicked off in the Azerbaijani capital Baku on November 11. Leaders worldwide, including India gathered in Baku for the event until November 22 for negotiations, dynamic discussions and global collaboration, all focused on tackling the climate crisis with urgency and ambition.