The COP29 presidency on Friday released a new draft climate finance deal that would have developed nations take the lead in providing $250 billion per year by 2035.

The draft also set a broader goal to raise $1.3 trillion annually by 2035, which would include funding from all public and private sources, according to the draft.

A European negotiator told Reuters the new draft deal was too costly and didn’t do enough to expand the number of countries contributing.

“No one is comfortable with the number, because it’s high and (there is) next to nothing on increasing contributor base,” the negotiator said.

World governments represented at the COP29 climate summit in the Caspian Sea city of Baku are tasked with agreeing a sweeping funding plan to help poorer countries grapple with the worsening impacts of global warming and lower their emissions.

The talks are scheduled to wrap up later on Friday, but could go into overtime if a final deal proves elusive.

(Reuters)