Draft deal at U.N. climate talks calls for rich nations to give $250 billion by 2035

illuminem summarizes for you the essential news of the day. Read the full piece on The Washington Post or enjoy below:

🗞️ Driving the news: A draft agreement at COP29 in Baku proposes wealthy nations contribute $250 billion annually by 2035 to help developing countries cope with climate damage
• The deal targets $1.3 trillion in combined public and private climate finance by the same year
• The proposal has drawn criticism from developing nations as insufficient while aiming to include voluntary contributions from China, the world’s largest emitter

🔭 The context: Climate finance has been a sticking point in international negotiations, reflecting the disparity between rich and poor nations over responsibility for industrial-era emissions
• While the proposed amount surpasses earlier funding goals, it falls short of the trillions requested by vulnerable nations to address climate impacts
• The U.S., under President-elect Donald Trump, is unlikely to contribute, complicating negotiations

🌍 Why it matters for the planet: Adequate climate financing is crucial for developing nations to mitigate and adapt to climate impacts, including rising seas and extreme weather
• The lack of ambitious financial commitments risks undermining global solidarity and the ability of vulnerable communities to recover and transition sustainably

⏭️ What's next: Delegates continue to negotiate to refine the deal, with an updated text expected soon. The final agreement could signal progress or further highlight divisions in global climate diplomacy

💬 One quote: “There is no deal to come out of Baku that will not leave a bad taste in everyone’s mouth, but we are within sight of a landing zone for the first time all year” – Avinash Persaud, Inter-American Development Bank

📈 One stat: Developing countries could face $1-1.8 trillion in annual climate losses and damages by 2050

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