EU zones in on $200B to $300B target for global climate fund

By Zia Weise | 11/19/2024 06:08 AM EST

Western governments have thus far refused to publicly disclose a dollar figure they might find acceptable for the fund.

People are reflected in a puddle as they approach the illuminated gate outside a conference venue.

People are reflected in a puddle as they approach the gate outside the conference venue prior to the COP29 climate conference on Nov. 10 in Baku, Azerbaijan. Sean Gallup/Getty Images

BAKU, Azerbaijan — European Union countries have discussed a new global target of between $200 billion and $300 billion in annual funding to help poorer countries address climate change, according to officials from two EU countries.

The private discussions offer insight into the possible landing ground rich countries could accept as part of a deal on the fund at the COP29 climate talks in Baku, which are due to conclude Friday.

Western governments have thus far refused to publicly disclose a dollar figure they might find acceptable for the fund. They argue that China, oil-rich Gulf states and other newly wealthy countries should also help fill the pot and say haggling over a final number is premature until the donor list is settled.

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The figure was disclosed to POLITICO by two officials granted anonymity to discuss the sensitive negotiations.

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