The European Union, United States and other wealthy countries at the COP29 climate summit have agreed to raise their offer of a global finance target to $300 billion per year by 2035, sources told Reuters on Saturday.
The shift in position came after a $250 billion proposal for a deal, drafted by Azerbaijan’s COP29 presidency on Friday, was panned by developing countries as insultingly low.
Five sources with knowledge of the closed-door discussions said the EU had agreed they could accept the higher number. Two of the sources said the United States, Australia, and Britain were also on board.
Delegates at the UN climate talks in Baku, Azerbaijan were awaiting a new draft of a global deal on climate finance on Saturday morning after negotiators worked through the night.
It was not immediately clear if the wealthy countries’ revised position had been communicated to developing countries at COP29.
A European Commission spokesperson declined to comment on the negotiations. The US delegation at COP29 did not immediately respond to a request for comment.
A long-term steady supply of aid is needed to counter the worsening hunger crisis in Gaza, UN agencies said on Monday after mounting pressure prompted Israel to ease restrictions in the Palestinian enclave.
The leaders of Cambodia and Thailand agreed to a ceasefire on Monday effective midnight, in a bid to bring an end to their deadliest conflict in more than a decade after five days of fierce fighting.
Yemen's Houthis said they would target any ships belonging to companies that do business with Israeli ports, regardless of their nationalities, as part of what they called the fourth phase of their military operations against Israel.
Swollen rivers, waterways and reservoirs across China exacerbated flooding and landslides on Monday which killed at least four people, as authorities warned of more intense rains and heightened disaster risks in coming days.
Israel said on Sunday it would halt military operations each day for 10 hours in parts of Gaza and allow new aid corridors in the enclave, where images of severely malnourished children have alarmed the world.
Firefighters battled wildfires across Turkey on Sunday amid a searing Mediterranean heat-wave, with authorities evacuating more than 3,600 people from settlements in two provinces.
The leaders of Thailand and Cambodia will attend mediation talks over their deadly border conflict in Malaysia on Monday, the Thai government said, even as both sides accused each other of launching fresh artillery strikes across contested areas.
Welcome to Pinoy Bulletin, your go-to source for staying informed about important announcements, exciting group activities, community events, and job opportunities!
Make sure to tune in every weekdays to Tag Gising Na from 5AM - 10 AM for a comprehensive roundup of important updates.
Welcome to Pinoy Bulletin, your go-to source for staying informed about important announcements, exciting group activities, community events, and job opportunities!
Make sure to tune in every weekdays to Tag Gising Na from 5AM - 10 AM for a comprehensive roundup of important updates.