Friction at COP29: The Climate Finance Deadline Looms

Tense negotiations at COP29 hinge on resolving disagreements over climate finance for developing nations. With just 48 hours left, rich and poor countries clash over funding amounts and sources. Developing nations demand clear commitments, while developed countries seek broader investments involving multiple entities, raising stakes at the UN climate conference.

The stage is set for a tense finale at the UN Climate Conference, where a new climate finance package for developing nations hangs in the balance. As the deadline looms, stark divisions between affluent and impoverished countries threaten to derail progress.

COP29 President Mukhtar Babayev remains optimistic about reaching a timely agreement, although challenges persist amid ongoing negotiations. Key points of contention include the demand from developing nations for at least USD 1.3 trillion annually – significantly more than the previous USD 100 billion pledge – and calls for funding to come directly from public budgets, not private sector contributions.

With trust running low, the pressure mounts to avoid repeating past failures. As the clock ticks, negotiators work against the clock to resolve the deadlock, hoping to secure a consensus that could reshape the global climate finance landscape.

(With inputs from agencies.)