The figure was disclosed to POLITICO by two officials granted anonymity to discuss the sensitive negotiations.
The figures have been “floated” in internal EU discussions and not been proposed within the negotiations in Baku, one of the officials said. “There’s no common EU position for now but … I think that’s realistic,” the official added.
The other official said the bloc was leaning more toward $200 billion, but that the decision depends on whether the EU can succeed with its push to get emerging economies such as China to contribute funding.
Asked to confirm the figure, two other EU officials declined. The EU wants the monetary target met by 2035. Poorer countries want a 2030 deadline.
The COP29 talks in Baku are seeking a fresh deal to replace the current target of $100 billion per year in public finance from rich countries to support clean energy and climate defenses in the developing world.
A U.N.-backed expert report, released last week, suggested the target for public finance and the investments it mobilizes should triple to $300 billion.
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