The COP29 presidency proposes an annual contribution of 240 billion euros from developed countries

The Azerbaijani presidency of COP29 proposes setting the contribution of developed countries to climate finance for developing countries at 250 billion dollars (about 240 billion euros) per year until 2035, according to a new draft agreement published on Friday, November 22. This is the first time a figure has been formally proposed in Baku after two weeks of negotiations. But there are only hours left before the official end of the annual UN climate change conference on Friday afternoon, which could be extended.

Until now, developed countries have committed to contributing $100 billion a year during the period 2020-2025. The new text published separately on Friday sets the ambitious goal of raising a total of $1.3 trillion a year until 2035 for developing countries; This total includes the participation of developed countries and other sources of financing (private funds or new taxes, for example).

Poor countries use climate finance money to invest in low-carbon energy and adapt their economies to a more destructive climate, for example by investing in irrigation or adapting cities to more frequent flooding.

Developing countries had requested figures other than 250 billion dollars per year: “at least 500 billion dollars a year” from a group made up of 134 countries, including China.

The European Union, the world’s largest contributor to climate finance, has not publicly revealed the amount it is willing to commit. In return, it requires progress in other areas, particularly in continuing action to reduce greenhouse gas emissions, which is met with resistance from the Arab group that opposes any targets on fossil fuels.