By comparison, the current target for climate finance is USD 100 billion per year.
The negotiations on climate finance have gone into overtime since Friday afternoon.
The main dispute at the Cop 29 climate summit is how much money rich countries should contribute to climate measures in poor countries. The money will both go towards emission cuts and adaptation to more extreme weather and other consequences of global warming.
In the draft final declaration, which was presented just after 1 a.m. on Sunday local time, it also states that China’s contribution to climate finance “shall be voluntary”.
The delegates are now sitting in a new plenary session where they will try to agree on a final declaration.
Earlier on Saturday, there was great frustration among many of the delegates, and negotiators from the poorest developing countries chose to walk out of discussions with the Azerbaijani meeting leadership.
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