Breaking News: COP29 Draft Deal Proposes $250 Billion Climate Finance Target, Faces Global Pushback

At COP29, a draft finance plan was unveiled, proposing that developed nations contribute $250 billion annually by 2035 to combat climate change, a significant increase from the 2009 target of $100 billion. However, this proposal fell short of the $1.3 trillion demand from developing countries, who criticized it as inadequate. The draft acknowledges the broader goal but lacks binding commitments, drawing criticism from both sides, including wealthy nations who question its feasibility. With 2023 projected to be the hottest year on record, global climate disasters intensify the urgency for robust climate finance, leaving negotiators under pressure to reach a final agreement. Resources: https://esgnews.com/breaking-news-cop29-draft-deal-proposes-250-billion-climate-finance-target-faces-global-pushback/