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Whispers of boost in climate finance goal to $300bn

As tension started to build in Baku for the end-game of the COP29 climate summit around midday, reports emerged that developed countries would be willing to raise their offer for the core of the new climate finance goal from $250 billion to $300 billion a year by 2035.

On Friday, the COP29 presidency released a draft text for a deal on the goal, known as the NCQG, with a number of $250bn a year by 2035, which provoked anger and dismay among developing countries, especially the African Group and small island states.

Sources with knowledge of the closed-door discussions told Reuters the European Union, the US, Australia and the UK had indicated they could accept the higher number.

Immediate reactions were not forthcoming from developing countries, who are discussing their strategy. But $300bn a year is only around half of what the G77 group of all developing countries had sought as government finance.

It’s also less than the $390 billion by 2035 that Brazilian environment minister Marina Silva proposed in a press conference late on Friday night. That figure is from a report by a UN-commissioned group of top economists.

Power Shift Africa campaigner and economics professor Fadhel Kaboub said $300 billion is “still not good enough”.