Yalçın Rafiev, chief negotiator at the COP29, stated on Friday that the parties are still striving to achieve a more ambitious financial goal.

The Azerbaijani presidency of COP29 in Baku proposed on Friday that developed countries commit to allocating $250 billion annually to combat the impacts of climate change. This proposal was outlined in a document revealed just hours before the conference's conclusion.

According to a report by AFP detailing the document, this figure is two and a half times greater than the current commitment of $100 billion, which covers the period from 2020 to 2025.

After intensive overnight consultations involving Brazil, the European Union, and China, the Azerbaijanis unveiled a draft text they intended to finalize.

However, this figure represents less than half of what the alliance of developing countries is demanding.

The draft agreement, according to " AFP," separately sets an ambitious goal of raising a total of $1.3 trillion annually by 2035, allocated to developing countries. This total amount would include contributions from developed nations and other funding sources, such as private funds or new taxes.

Many expect that COP29 will be extended into the night or even into Saturday, as has been the case with most previous conferences.