At the COP29 climate summit, the European Union, United States, and other affluent nations have agreed to raise their climate finance target to $300 billion annually by 2035, following criticism of an initial proposal of $250 billion which was deemed insufficient by developing countries. Negotiators are working to finalize the details of this financing, which is crucial for supporting poorer nations grappling with climate change impacts. The agreement aims to replace a previous commitment that was not met on time, highlighting ongoing tensions in global climate negotiations.