A NEW draft of a deal on cash to adapt to climate change released today afternoon at the United Nations climate summit (Cop29) “angered” developing nations.

The new draft deal set out in Azerbaijan capital Baku pledged just $250 billion (£198bn) by 2035 from wealthy countries to poorer ones. 

The amount is more than double the previous goal of $100bn (£79bn) a year set 15 years ago, but it’s less than a quarter of the amount demanded by developing nations struck hardest by extreme weather. 

But rich nations say that the number is about the limit of what they can do, say it’s realistic and a stretch for democracies back home to stomach.

It struck a sour note for developing countries, which see the Cop process as their biggest hope to pressure rich nations.

Mohamed Adow, from Power Shift Africa, said: “Our expectations were low, but this is a slap in the face. No developing country will fall for this.”

He said: “They have angered and offended the developing world.”

Delegations from numerous countries, analysts and advocates were kept in the dark about the draft until it dropped more than a half a day later than promised, prompting complaints about how this conference was being run.

The presidency said in a statement: “These texts form a balanced and streamlined package.

“The Cop29 presidency urges parties to study this text intently, to pave the way towards consensus, on the few options remaining.”

Climate Analytics chief executive Bill Hare, a veteran negotiator, said: “We’re in for a long night and maybe two nights before we actually reach agreement on this.”

Just like last year’s initial proposal, which was soundly rejected, this plan is “empty” on what climate analysts call “mitigation” or efforts to reduce emissions from or completely get off coal, oil and natural gas, Mr Hare said.

Harjeet Singh of the Fossil Fuel Non-Proliferation Treaty said it was “a disgrace that despite full awareness of the devastating climate crises afflicting developing nations and the staggering costs of climate action — amounting to trillions — developed nations have only proposed a meagre $250bn (£199.4bn) per year.”

Experts put the need at $1.3 trillion (£1trn) for developing countries to cover damages resulting from extreme weather, help those nations adapt to a warming planet and wean themselves from fossil fuels, with more generated by each country internally.