Hopes of a trillion-dollar climate finance fund appear to be slipping out of reach after a draft text at the Cop29 climate summit proposed a deal worth only a fifth of that.
The interim agreement – released late on Friday, hours before the summit’s scheduled end – sets a $250bn (£199bn) annual target for the “new collective quantified goal” (NCQG), the sum developed nations must hand over to support mitigation in developing countries.
