EU and U.S. Agree to Raise Climate Funding to $300 Billion

BAKU, Nov 23 — In a significant move at the ongoing COP29 summit, the European Union, the United States, and other wealthy nations have agreed to increase their climate funding offer to $300 billion per year by 2035 to support developing countries in tackling climate change. This decision comes after an earlier proposal was widely criticized as insufficient.

The summit, originally scheduled to conclude on Friday, has extended its talks as negotiators from nearly 200 countries work towards finalizing an agreement on a climate funding plan for the next decade. The discussions, which require unanimous consensus to move forward, have focused on how much wealthy nations should contribute to help developing countries adapt to and mitigate the impacts of climate change.

The initial funding offer of $100 billion per year had been met with backlash from many developing nations, which deemed it “insultingly low” in light of the severe impacts climate change is already having on their economies and ecosystems. In response, wealthy nations have agreed to substantially raise their contributions to meet the growing demands for climate action.

The revised funding proposal is seen as a significant step forward in addressing the global climate crisis, but it remains to be seen if it will be enough to satisfy all parties involved and help bridge the gap between developed and developing nations on climate finance.

As the summit continues, negotiators are working to finalize details and secure a binding agreement that will set the tone for international climate policy in the coming years.