Global Tensions at COP29: Climate Finance Debacle

A draft for a new climate finance package, presented by Azerbaijan at COP29, is rejected by all except the host. Developing countries demand USD 1.3 trillion annually, but developed nations propose much less. Developing nations want funds straight from public sources, while developed nations propose a broader investment goal.

The draft text for a new climate finance package unveiled at the COP29 in Azerbaijan was promptly rejected by all signatories except the host country.

While developed countries have proposed between USD 200 billion to USD 300 billion, developing nations demand at least USD 1.3 trillion annually starting 2025 to combat climate change effectively.

The discord highlights a major challenge as negotiators work to find a consensus on how to finance the mounting costs of climate adaptation and mitigation.

(With inputs from agencies.)