Kehinde Fajobi
A new proposal at the COP29 climate talks has set an annual climate finance target of $250 billion for developing countries by 2035.
This is the first time a specific financial goal has been introduced, following earlier drafts that lacked numerical commitments.
The figure is part of a broader $1.3 trillion climate finance target for the same period, with developed nations expected to contribute the majority, supplemented by private sector funding.
The five-page document, released ahead of the conference’s final sessions, calls on developed nations to lead in mobilising the $250 billion annually.
It builds on previous commitments under the Paris Agreement.
“In this context, it is decided to set a goal in extension of the goal referred to in paragraph 53 of decision 1/CP.21, with developed country Parties taking the lead, to USD 250 billion per year by 2035 for developing country Parties for climate action,” the text states in part.
However, the proposal has faced strong criticism from the African group of negotiators.
Ali Mohammed, the group’s chair, described the target as “totally unacceptable,” arguing that it falls far short of the financial needs of developing nations.
“The proposed target to mobilise $250 billion per year by 2035 is totally unacceptable and inadequate to delivering the Paris Agreement,” Mohammed said.
He cited the Adaptation Gap Report, which estimates that developing countries need $400 billion annually for adaptation alone.
“$250 billion will lead to unacceptable loss of life in Africa and around the world, and imperils the future of our world,” he added.
Mohammed also criticised the text for diluting the responsibilities of developed nations, noting that it frames the target as a shared responsibility rather than a clear obligation for wealthier countries.