At COP29 in Baku, Azerbaijan, a new proposal suggests that developed countries should contribute $250 billion annually to climate finance for developing nations by 2035. This is the first formal monetary figure released at the summit, which aims to mobilize a total of $1.3 trillion per year for developing countries. Tensions arise as developing countries, including China, demand higher contributions. The European Union, the largest global contributor, has not disclosed its financial commitment, seeking assurances on mitigating greenhouse gas emissions in return.

Source