The European Union, the United States and other rich countries present at the COP29 climate summit agreed to increase their global financing offer to US$300 billion annually by 2035sources told Reuters on Saturday.
The summit was to have concluded on Friday, but it has continued longer than expected because negotiators from almost 200 countries – who must adopt the agreement by consensus – They were trying to agree on a global climate financing plan for the next decade.
The change in position occurred after Developing countries will brand as insultingly low a US$250 billion agreement proposal drawn up on Friday by the Azerbaijani presidency of COP29.
It was unclear whether the revised position of rich countries had been communicated to developing countries at COP29, and whether it would be enough to gain their support.
Five sources with knowledge of the closed-door discussions said the EU had agreed to accept the higher figure.. Two of the sources said the United States, Australia and Britain also agreed.
A spokesperson for the European Commission and another for the Australian government declined to comment on the negotiations. The US delegation at COP29 and the British Ministry of Energy did not immediately respond to requests for comment.
Delegates expected a new draft of the climate finance agreement on Saturday, after negotiators worked through the night to bring the big differences between their positions.
The COP29 talks have revealed divisions between rich governments, constrained by their tight national budgets, and developing countries reeling from the rising costs of storms, floods and droughts caused by climate change.
The new objective replaces the previous commitment of developed countries to contribute US$100 billion annually to finance the poorest countries by 2020. That goal was met two years late, in 2022, and expires in 2025.
