Fiji’s Deputy Prime Minister Biman Prasad told Reuters he was optimistic for an eventual agreement in Baku.
“When it comes to money it’s always controversial but we are expecting a deal tonight,” he said.
The new goal is intended to replace developed countries’ previous commitment to provide $100 billion per year in climate finance for poorer nations by 2020. That goal was met two years late, in 2022, and expires in 2025.
A previous $250 billion proposal drawn up by Azerbaijan’s COP29 presidency was rejected as too low by poorer countries, which have warned a weak deal would hinder their ability to set more ambitious greenhouse gas emissions cutting targets.
Countries also agreed Saturday evening on rules for a global market to buy and sell carbon credits that proponents say could mobilise billions of dollars into new projects to help fight global warming.
