The information regarding the negotiations was shared with POLITICO by two officials who requested anonymity due to the sensitive nature of the discussions.
According to one of the officials, the figures are being discussed internally within the European Union (EU) but have not yet been officially introduced during the negotiations in Baku. “There’s no common EU position for the time being, but … I believe that’s a reasonable estimate,” the official explained.
The second official mentioned that the EU is considering leaning towards a $200 billion target, although this would depend on the success of the EU’s efforts to persuade emerging economies, including China, to contribute to the funding.
The COP29 negotiations in Baku aim to establish a new agreement to replace the current $100 billion per year in public financing from wealthier nations to support clean energy and climate resilience measures in developing countries. | Anindito Mukherjee/Getty Images.
When asked to confirm the specific figures, two other EU officials declined to comment. The EU has set its sights on achieving the new financial target by 2035, while less wealthy nations are advocating for a 2030 deadline.
The ongoing COP29 talks in Baku are focused on establishing a new framework to replace the current goal of mobilizing $100 billion annually in public funding from richer nations to help developing countries bolster their clean energy initiatives and climate defenses.
A recent United Nations-backed expert report, released last week, recommended tripling the current target to $300 billion to adequately address the climate crisis.
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