COP29: EU and US want to give $300 billion in climate finance

Rich countries negotiating support for developing countries at the climate summit in Baku are prepared to pay 300 billion dollars a year in climate aid from 2035, sources told Reuters news agency. An earlier proposal mentioned 250 billion dollars a year, an amount that poor countries said was far too low.

The European Union and the United States have now agreed to the amount of 300 billion, the sources report. Australia and the United Kingdom are also said to have agreed. According to The Guardian, Switzerland, Japan and New Zealand are still obstructing the deal.

However, it is not yet clear whether developing countries will agree to the new amount.

European Commissioner Wopke Hoekstra says it is "doubtful" whether the climate summit in Azerbaijan will have a successful outcome. COP29 actually ended on Friday, but on Saturday the negotiators are still trying to reach an agreement on financing climate support for developing countries.

"We are doing everything we can to bridge the differences and make this a success," Hoekstra told reporters in Baku. "But it is doubtful whether that will succeed." Hoekstra is the European Commissioner for Climate Action and is involved in the negotiations on behalf of the European Union.

There is also the question of what the United States' commitment is worth. In January, the current Democratic government will be replaced by the Republicans of Donald Trump. During his first term in office, he withdrew from the Paris Climate Agreement, which aims to limit global warming to 1.5 degrees. Many countries assume that he will do so again and that the USA will not want to contribute to climate aid for developing countries under Trump.

Financing aid is one of the most important issues at this year's summit, COP29. Developing countries initially demanded 1000 billion per year, but according to rich countries that is not feasible. The climate summit was supposed to end on Friday, but because there is no agreement yet, negotiations will continue on Saturday.