High Stakes at COP29: Climate Finance Seeks Billion-Dollar Boost Amid Global Tensions

The U.N. climate summit in Baku seeks a new $1 trillion annual finance target for developing nations amid global weather crises. Notable leaders will skip the event, while geopolitical tensions and trade issues dominate discussions. Azerbaijan aims to transition from fossil fuels despite reliance on oil and gas revenues.

The annual United Nations climate summit kicked off in Baku on Monday, with key leaders notably absent as the conference tackles the pressing matter of climate finance. This year's focus is securing a $1 trillion annual fund for developing nations, a significant increase from the previous $100 billion target.

The summit faces fierce competition for attention from ongoing global challenges such as economic strains, conflicts in Ukraine and Gaza, and Donald Trump's recent re-election in the U.S. Political figures like Joe Biden and Xi Jinping are expected to skip the meeting, adding uncertainty to its outcomes.

Amidst these challenges, Azerbaijan, a nation significantly reliant on oil and gas, has made efforts to honor its COP28 pledge to transition away from fossil fuels. However, discussions are further complicated by China's demand to address restrictive trade measures, highlighting the intersection of climate and global commerce in this year's summit agenda.

(With inputs from agencies.)