The latest draft text on climate finance, published at COP29 on Friday evening, streamlined earlier proposals but revealed ongoing divisions between developed and developing countries over financing amounts and responsibilities.

The new 25-page document, shortened from the previous 34-page version, makes clear that the new collective numerical target (NCQG) is “specific for all developing countries” but offers a wide range of options for the scale of financing.

Proposed annual financing amounts range from $100 billion to $2 trillion, reflecting sharp differences between rich and developing countries. One of the sub-options proposes “at least $1.3 trillion per year,” while the others suggest providing $1.1 trillion or $2 trillion between 2025 and 2035.

The bill offers multiple approaches to how this money should be collected and distributed. A key proposal on burden sharing suggests that developed countries should contribute based on historical carbon dioxide emissions, pointing to a direct link between past pollution and current fiscal responsibility, including land use changes.

But developed countries are pushing for a different framework. Under their preferred “multi-layered approach,” the text proposes “US${X} trillion invested globally in climate action by 2035 from all sources, public and private, domestic and international.”

Developing countries strongly opposed this investment-oriented approach. Despite their objections, the draft includes references to investment needs, stating that “to reach net zero emissions by 2050, approximately US$4 trillion per year needs to be invested in renewable energy by 2030.”

A major point of contention remains the issue of historical responsibility for emissions; The text on burden-sharing arrangements “based on historical emissions” still appears in brackets, indicating a lack of agreement.

The draft’s approach to scheduling also varies significantly; There are proposals for the implementation period ranging from 2025-2029 to 2026-2035.

This latest version comes after developing countries rejected the first draft on Tuesday.