COP29 targets $1.3 trillion climate finance by 2035

The COP29 Presidency has proposed a new climate finance goal, addressing the needs of developing nations.

Following extensive consultations, including a Qurultay session, updated texts have been published, aiming to foster consensus among Parties.

Key proposals include scaling up climate finance to developing countries from public and private sources to at least $1.3 trillion annually by 2035. Developed countries would also lead in increasing the collective target from $100 billion to $250 billion annually by 2035.

The Presidency remains committed to inclusive dialogue to finalise the few outstanding issues and achieve ambitious outcomes.

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