Global Summit's Financial Challenge: $1 Trillion Needed for Climate Action

Negotiators at COP29 in Azerbaijan are urged to agree on $1 trillion yearly funding for poorer countries to combat climate change. The high-stakes talks focus on securing financial commitments from richer nations, development banks, and the private sector, with tensions high amid geopolitical disputes.

In a stark warning at COP29 in Azerbaijan, negotiators were told that immediate investment is crucial as poorer countries require $1 trillion annually for climate change adaptation by the decade's end. This financial demand comes as the summit's success hinges on agreeing to a new financing target.

According to a report by the Independent High-Level Expert Group on Climate Finance, an annual climate fund of $1.3 trillion will be needed by 2035. Without timely investments, the path to climate stability becomes steeper and more expensive. Negotiators are currently sifting through extensive draft texts to carve out a viable agreement.

The conference has also been marred by geopolitical tensions. French climate minister Agnès Pannier-Runacher canceled her participation after a diplomatic spat with Azerbaijan. Similarly, Argentina's withdrawal from the talks adds to the challenges as leaders seek commitment from multilateral development banks and the private sector.

(With inputs from agencies.)