Crunch Time at COP29: Navigating Sticking Points & Climate Finance Goals

COP29 climate talks in Azerbaijan enter their closing phase as negotiations pivot around establishing new climate finance goals, addressing fossil fuel transitions, and finalizing carbon market standards. With the current goal expiring in 2025, experts urge a new $1 trillion annual target to aid developing nations. Delegates now focus on draft text refinements.

The COP29 climate talks in Azerbaijan are entering their last critical phase. As the summit heads towards its conclusion, the focus has shifted to finalizing a new climate finance goal, critical transition steps for fossil fuels, and establishing standards for a carbon market.

Negotiations so far have touched on key issues, including the proposed new goal of providing $1 trillion annually to developing countries post-2025. As ministers leverage their influence in the summit's closing days, efforts are underway to refine draft texts that address these priorities.

The challenge remains to reach a consensus across the participating nations, with past COPs often exceeding their scheduled timeframe. Delegates continue to work behind closed doors, aiming to produce a final document invited for formal approval.

(With inputs from agencies.)