UN Climate Talks Highlight Financing Gaps

Negotiators at COP29 in Baku, Azerbaijan, are struggling to finalize a climate finance plan for developing countries, with a new draft text highlighting the absence of a crucial figure: how much wealthy nations will contribute annually. Developing countries demand at least $1.3 trillion to address climate challenges, while developed countries have only offered a few hundred billion. The draft text, criticized for presenting extreme positions without a middle ground, lacks clear financial targets and specifics on whether funds will be in the form of grants or loans. Experts are urging for more transparency and engagement from wealthier nations to bridge the significant funding gap. Observers note that negotiations must quickly progress in the final days of the conference to reach a meaningful agreement. The ongoing discussions underscore the urgent need for substantial and reliable climate financing to support developing nations in transitioning to clean energy and adapting to climate impacts.