The European Union, United States and other wealthy countries at the COP29 climate summit have agreed to raise their offer of a global finance target to $300 billion per year by 2035, sources told Reuters on Saturday.
The shift in position came after a $250 billion proposal for a deal, drafted by Azerbaijan’s COP29 presidency on Friday, was panned by developing countries as insultingly low.
Five sources with knowledge of the closed-door discussions said the EU had agreed they could accept the higher number. Two of the sources said the United States, Australia and Britain were also on board.