The new draft on the climate finance target of the presidency of the UN COP29 climate summit calls for developed nations to contribute $250 billion annually by 2035.
The parties are negotiating the next iteration of the $100 billion per year that developed countries have agreed to provide to developing nations over the 2020-25 period, known as the new collective quantified goal (NCQG).
Developing countries had been asking for $1.3 trillion annually in climate finance from developed countries, but the draft urges all actors to work toward this target.
The text also emphasizes the need to scale up financing from both public and private sources. On the contributor base, the draft indicates that climate finance contributions from developing countries could supplement the finance goal.
Additionally, it highlights initiatives to enhance power grids and energy storage, key sectors for mitigation and the energy transition. These issues, alongside climate finance, are central to the discussions at COP 29.