18 sources·World

Urgent Calls for Climate Finance at COP29 as Leaders Struggle to Reach Agreement

Negotiations at COP29 face challenges, with no clear funding commitments made by developed nations despite demands for urgent climate finance.

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Updated: Nov 21st, 2024, 2:54 PM ET

Summary

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At COP29 in Baku, negotiations have stalled over climate finance commitments, with a new draft lacking funding specifics for developing countries. With leaders calling for at least $1.3 trillion annually, no concrete figures were included in the draft agreement, prompting criticism from both developing and developed nations. UN Secretary-General Guterres emphasized the need for a swift resolution as the summit approaches its conclusion. Key issues remain regarding financial commitments from wealthier nations, leaving vulnerable countries anxious about climate action preparedness.

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