UN Climate Talks Stalled Over Funding Disputes

During the ongoing COP29 climate conference in Baku, negotiators are grappling with a proposed deal that would require developed nations to contribute $300 billion annually by 2035 to assist developing countries in combating climate change. This new target comes after a previous proposal of $250 billion was rejected by poorer nations, who argue that the $1.3 trillion estimated as necessary for meaningful climate action is far from being met. Frustration mounted among delegates from small island nations and other vulnerable countries, who expressed disappointment over the insufficient offers from wealthier nations. While there is a push for a stronger financial commitment, concerns remain about the allocation of funds, including the distinction between grants and loans. The conference is set to continue as negotiators aim to find common ground among nearly 200 countries on this critical issue of climate finance.