COP29 Climate Talks Stall Over Funding Issues

The COP29 climate summit in Baku, Azerbaijan, has entered overtime as negotiations over climate financing remain contentious. The proposed draft agreement suggests that developed nations contribute $250 billion annually by 2035 to support developing countries, a figure that has been met with widespread criticism for being insufficient. Developing nations have been advocating for at least $1.3 trillion per year, primarily in the form of grants without strings attached, arguing that loans only deepen their debt. Activists and diplomats have expressed outrage over the proposal, with some labeling it a 'joke' and reiterating the need for a more ambitious and fair financial commitment. The ongoing discussions reflect a historical pattern of climate summits extending beyond their scheduled end as negotiators grapple with bridging significant financial gaps. As talks resume, the urgency for a more equitable resolution remains paramount, with the outcome likely impacting global climate action efforts significantly.