COP29 Draft Proposes $250 Billion Annual Payment to Poor Nations

The climate summit ran into overtime on Nov. 22 as negotiators attempted to finalize vast climate deals.

Activists participate in a demonstration for climate finance at the COP29 U.N. Climate Summit in Baku, Azerbaijan, on Nov. 21, 2024. Sergei Grits /AP Photo

A new draft text from the COP29 climate summit is calling for $250 billion per year from developed nations to poorer countries.

The COP29 climate summit presidency released the draft finance deal on Nov. 22, as world governments in Baku, Azerbaijan, try to agree on a sweeping funding plan to tackle climate finance that would see an annual transfer of money. The summit began on Nov. 11 and runs until Nov. 22.