COP29 Climate Finance Talks Extended Amid Disagreements

The COP29 climate summit in Baku has reached its final day with significant challenges remaining over climate finance for developing countries. Despite expectations for a robust financial commitment, draft texts have failed to specify the amount wealthy nations are prepared to provide, leaving a placeholder instead. Developing countries demand at least $1 trillion annually, but no concrete figure has been presented, causing frustration and disappointment among negotiators and civil society groups. The lack of progress is perceived as a 'slap in the face' to vulnerable nations, raising concerns about the trust and efficacy of future climate actions. Talks have been extended in hopes of reaching consensus, but the absence of clear financial targets remains a critical sticking point. The summit was intended to focus on financial commitments, yet vague proposals have left many questioning the commitment of developed countries to effectively address the climate crisis.