+
COP29 Climate Finance Draft Proposes $250 Bn Target from Wealthy Countries
ECONOMY & POLICY

COP29 Climate Finance Draft Proposes $250 Bn Target from Wealthy Countries

At COP29, the presidency released a new draft climate finance deal proposing that developed nations contribute $250 billion annually by 2035 to help developing countries cope with the worsening impacts of climate change. This proposal is part of a broader plan to raise $1.3 trillion annually by 2035, sourced from both public and private funds, aimed at assisting poorer nations in reducing emissions and adapting to climate change.

The proposal has sparked debate among negotiators, with some European representatives arguing that the target is too high and that there is insufficient focus on broadening the number of contributing countries. However, the goal of the agreement is to address the critical financial needs of countries disproportionately affected by climate change, which are struggling to mitigate its effects while transitioning to greener energy sources.

Governments at COP29, held in Baku, Azerbaijan, are attempting to finalize this ambitious climate finance framework, which would provide essential financial support to the most vulnerable nations. The deal also seeks to ensure a fair distribution of contributions from wealthier nations to assist poorer regions in their green energy transitions and climate change mitigation efforts. Talks are ongoing, with negotiators seeking a final agreement on the level of contributions and the structure of the funding.

At COP29, the presidency released a new draft climate finance deal proposing that developed nations contribute $250 billion annually by 2035 to help developing countries cope with the worsening impacts of climate change. This proposal is part of a broader plan to raise $1.3 trillion annually by 2035, sourced from both public and private funds, aimed at assisting poorer nations in reducing emissions and adapting to climate change. The proposal has sparked debate among negotiators, with some European representatives arguing that the target is too high and that there is insufficient focus on broadening the number of contributing countries. However, the goal of the agreement is to address the critical financial needs of countries disproportionately affected by climate change, which are struggling to mitigate its effects while transitioning to greener energy sources. Governments at COP29, held in Baku, Azerbaijan, are attempting to finalize this ambitious climate finance framework, which would provide essential financial support to the most vulnerable nations. The deal also seeks to ensure a fair distribution of contributions from wealthier nations to assist poorer regions in their green energy transitions and climate change mitigation efforts. Talks are ongoing, with negotiators seeking a final agreement on the level of contributions and the structure of the funding.

Next Story
Infrastructure Urban

India to Invest Rs 600 Billion to Upgrade 1,000 ITIs

As part of its drive to modernise vocational training, the Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with Gujarat’s Labour and Employment Department, held a State-Level Workshop at the NAMTECH Campus within IIT-Gandhinagar to discuss the National Scheme for ITI Upgradation.The consultation brought together key stakeholders from industry and the training ecosystem to align expectations and support implementation of the scheme, which aims to transform 1,000 Industrial Training Institutes (ITIs) across India using a hub-and-spoke model. The total outlay stands ..

Next Story
Infrastructure Urban

India Unveils Rs 600 Billion Maritime Finance Push

The Ministry of Ports, Shipping & Waterways (MoPSW) hosted the Maritime Financing Summit 2025 in New Delhi, bringing together over 250 stakeholders including policymakers, industry leaders, global investors, and financial institutions. The summit, held under the ambit of Maritime Amrit Kaal Vision (MAKV) 2047, focused on transforming India into a leading maritime power with strengthened financial, infrastructural, and technological capabilities.Union Minister Sarbananda Sonowal emphasised India's strategic progress, noting that average port turnaround times have dropped from four days to u..

Next Story
Infrastructure Urban

Govt Allocates Rs 500 Million To Boost Community Radio

The Central Government, through its ‘Supporting Community Radio Movement in India’ scheme, has allocated Rs 500 million to strengthen the community radio ecosystem across the country. The initiative aims to assist both newly established and long-operational Community Radio Stations (CRSs), ensuring their relevance to local educational, social, cultural, and developmental needs.According to the policy published by the Ministry of Information and Broadcasting, CRSs may be set up by not-for-profit organisations with at least three years of demonstrated community service. These stations are ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?