Contentious COP29 Finance Deal Sparks Global Debate

The COP29 summit in Baku unveiled a draft finance deal proposing $250 billion annually by 2035 for climate aid to poorer nations, drawing criticism. Developed countries resist the cost, while developing nations demand more support. Negotiators discuss a broader $1.3 trillion goal.

At the COP29 climate summit in Baku, a draft finance proposal has sparked widespread criticism. The proposed deal suggests developed nations lead in providing $250 billion annually by 2035 to aid poorer countries, a figure deemed inadequate by many participants.

Negotiations have been fraught with division, as wealthy countries express concern over the cost and limited expansion of contributing nations. European negotiators argue the draft's expense is high without increasing the contributor base.

The summit aims to establish a broader $1.3 trillion goal for climate financing by 2035. However, bridging the gap between government and private sector pledges poses challenges. As the conference nears its conclusion, pressure mounts for a conclusive agreement.

(With inputs from agencies.)