COP29: Navigating the Financial Divide for Climate Action

As countries meet at the COP29 climate summit, they face the pressing challenge of determining financial contributions for developing nations grappling with climate change. With a looming deadline, negotiations are stalled over differences on the funding size, as wealthy nations hesitate to commit to developing countries' demands.

At the COP29 climate summit, countries are grappling with the complex issue of securing financial support for developing nations affected by climate change. Negotiations have hit a critical juncture as delegates discuss how much money should be allocated to these countries and who should foot the bill.

Yalchin Rafiyev, Azerbaijan's chief negotiator, highlighted the urgency of the matter. As the summit drew close to its conclusion, he emphasized the challenges ahead with a fresh negotiation text expected to be revealed in Baku.

Developing countries, led by Uganda's Adonia Ayebare, are advocating for $1.3 trillion annually, whereas proposed figures from wealthier nations fall significantly short, causing frustration among negotiators. Compounding these discussions are disagreements over whether major economies, including China, should contribute to the financial goal.

(With inputs from agencies.)