Azerbaijan Urged to Fast-Track COP29 Climate Finance Talks

Climate negotiators face challenges in deciding funding sources and amounts to aid developing countries' transition to cleaner energy. With stalled progress at COP29 in Baku, efforts are focused on resolving finance and fossil fuel reduction negotiations before the looming deadline, amidst concerns over global warming thresholds.

Climate negotiators at COP29 are facing formidable challenges as discussions over climate finance enter a critical phase. The central issue is deciding how much funding should be provided to developing nations, and what form it should take, as they contend with climate-induced weather disasters and transition to cleaner energy.

With talks progressing slowly and a Friday deadline looming, tensions are bubbling over in Baku, Azerbaijan. Australia's Environment Minister Chris Bowen reported varied funding proposals, ranging from $440 billion to $900 billion, while the EU seeks more detailed plans before committing.

Mired by slow progress on finance, discussions on reducing fossil fuel reliance have also been tough. Despite last year's landmark transition deal, consensus on advancing it has eluded negotiators, with time running out to maintain the global 1.5-degree Celsius warming goal.

(With inputs from agencies.)