COP29 Climate Pact Draft Fails to Gain Approval

At the COP29 climate summit in Baku, a proposed climate pact was rejected, leading to urgent negotiations for a new financial commitment to support developing nations in combating climate change. The host country, Azerbaijan, aimed to replace the previous $100 billion annual target with a more ambitious $1.3 trillion by 2030, but this met resistance from both developed and developing nations, particularly regarding the obligation for developed countries to contribute at least $500 billion. UN Secretary-General Antonio Guterres highlighted the necessity of bridging the gap in expectations between rich and poor nations and emphasized the need for concrete financial figures in the agreement. China, while rejecting the current draft, called for collaboration among nations to address their differences. Key issues remain unresolved, including the commitment to phase out fossil fuels and the breakdown of financial contributions. As the summit nears its conclusion, negotiators are pressed to finalize a viable agreement before the event ends on Friday.