Any amount agreed upon at COP negotiations is typically seen as a "core" sum, intended to be mobilized or leveraged for larger climate investments. However, much of this financing is expected to come in the form of loans, further burdening nations already grappling with heavy debt.

The COP29 climate summit ran into overtime on Friday, after a draft deal that proposed developed nations take the lead in providing $250 billion in annual climate finance by 2035 drew criticism from all sides.

A draft deal at the U.N. Climate Change Conference calls for wealthy nations to give developing ones $250 billion a year starting in 2035.