By Kate Abnett and Valerie Volcovici
BAKU (Reuters) – The European Union, the United States and other rich countries at the COP29 climate summit agreed to raise their bid for a global financial target to $300 billion a year by 2035, sources told Reuters on Saturday.
The change in position came after developing countries called a $250 billion deal proposal drafted by Azerbaijan’s presidency at COP29 on Friday insultingly low.
Five sources with knowledge of the closed-door discussions said the EU had agreed they could accept the higher figure. Two of the sources said the United States, Australia and Britain were also on board.
Delegates at the U.N. climate talks in Baku, Azerbaijan, awaited a new draft of a global agreement on climate finance on Saturday morning, after negotiators worked through the night.
It was not immediately clear whether rich countries’ revised position had been communicated to developing countries at COP29.
A European Commission spokesman declined to comment on the negotiations. The US delegation to COP29 did not immediately respond to a request for comment.