Developed countries made a final offer of USD 300 billion annually by 2035 to help developing countries tackle climate change, hours after two groups of the world's most climate-vulnerable countries stormed out of the negotiating room at COP29 here.
The USD 300 billion figure, however, is a far cry from the USD 1.3 trillion the Global South has been demanding in the three years of talks.
The offer is part of the draft deal on a new climate finance package for developing nations, or the New Collective Quantified Goal (NCQG), which will be put before countries for approval in a plenary session shortly.
The new amount will replace the USD 100 billion figure pledged in 2009.
The draft deal also introduces the Baku to Belem Roadmap, an important request for Africa and other developing country groups to lay out a meaningful process towards aligning the global finance system with achieving the USD 1.3 trillion goal by 2035.
Issued after tiring, mind-numbing negotiations that continued fo