BAKU, Azerbaijan – Negotiators at the COP29 climate summit in Azerbaijan have reached a landmark agreement, proposing that developed countries provide $250 billion annually by 2035 to help poorer nations fight global warming.
It marks the first time a concrete figure has been formally put forward at the UN climate talks, coming on the final day of a summit dominated by divisions over climate financing.
The draft text sets an ambitious overall target of raising $1.3 trillion a year by 2035, with the bulk of the funds coming from wealthy governments and supplemented by private-sector investments.
“This is a pivotal moment in the global effort to address the climate crisis,” said Amina Mohammed, UN Deputy Secretary-General. “The proposed funding levels represent a major step forward in supporting developing countries on the frontlines of this existential threat.”
The nearly 200 nations at COP29 had struggled for days to agree on a new goal that would significantly boost assistance for developing countries to cut emissions and adapt to the impacts of climate change.
The existing pledge had committed wealthy nations to provide $100 billion annually, but developing countries argued this figure was woefully inadequate.
“This new proposal begins to match the scale of the challenge we face,” said Prakash Javadekar, India’s Environment Minister. “But there is still hard work ahead to turn these commitments into reality.”
Major emitters like the European Union had previously balked at the $500 billion annual target demanded by the influential negotiating bloc of 134 developing nations, including China. They argued such demands were politically unrealistic.
The agreement also calls for a redoubling of efforts to cut planet-heating emissions, something opposed by the Arab Group of nations who do not want fossil fuels singled out.
“This text represents a careful balance, but there is no time to waste,” said Laurence Tubiana, CEO of the European Climate Foundation. “All countries must now work swiftly to finalize and implement this historic accord.”
