The figure was disclosed to POLITICO by two officials who were granted anonymity to discuss sensitive negotiations.

One of the officials said the figures were “floating around” in intra-EU discussions and were not proposed in negotiations in Baku. “For now, the EU does not have a common position, but… I think it is realistic,” the official added.

The other official said the bloc is leaning towards $200 billion more, but the decision depends on whether the EU can be successful in its effort to get developing economies like China to contribute funds.

When asked to confirm the figure, two other EU officials rejected the request. The EU wants the monetary target to be met by 2035. Poorer countries want the deadline to be 2030.

COP29 talks in Baku are seeking a new agreement to replace the current target of $100 billion a year in public funding from rich countries to support clean energy and climate defense in the developing world.

A UN-backed expert report published last week suggested that the public finance target and the investments it stimulates should triple to $300 billion.