Rich nations raise cash offer to poor nations in climate talks

Baku: Wealthy nations raised their offer for climate finance for poorer nations to $300 billion Saturday at COP29 negotiations, with growing doubts th...

Baku: Wealthy nations raised their offer for climate finance for poorer nations to $300 billion Saturday at COP29 negotiations, with growing doubts that all countries will leave happy with the outcome.

Negotiators worked through the night in a sports stadium in the Caspian Sea city of Baku in a search for compromise as the two-week COP29 conference dragged into an extra day.

In a year set to be the hottest ever recorded, developing nations bearing the brunt of rising drought and disasters flatly rejected Friday an initial offer of $250 billion per year by 2035.

On Saturday, wealthy countries -- whose ranks include the European Union, the United States, Britain and Japan -- raised the sum to $300 billion, said multiple sources with close knowledge of the negotiations.

"We're trying to get a good deal," British Energy Secretary Ed Miliband told AFP as he shuttled between meetings.