COP29 Climate Talks Stall Over Finance Draft

During COP29 in Baku, Azerbaijan, a contentious 34-page draft on a new climate finance goal has stalled negotiations, raising concerns among attendees. The G77 and China bloc, representing around 130 countries, rejected the draft which complicates consensus on funding mechanisms. Developed nations are urged to fulfill their financial commitments and lead in climate financing, with proposed annual needs reaching around $1 trillion. Significant pledges have emerged, including $120 billion annually from multilateral banks and $300 million from Acumen for agricultural adaptation projects. However, disagreements persist over which countries should contribute to the fund, with developing nations wary of diluting responsibility. As pressure mounts with the talks nearing conclusion, achieving alignment on climate finance remains critical.