Stalled Climate Finance Deal: Developing Nations Await Developed Nations' Commitment

Despite a streamlined draft text on the new climate finance package, significant roadblocks remain. Developed nations are resisting clear financial commitments to support developing countries starting from 2025. This has created frustration among developing countries, facing mounting climate challenges that demand at least $1.3 trillion annually.

The latest draft on the climate finance arrangement for developing countries was released on Thursday morning, condensed to 10 pages from the original 25. However, the core issues persist unresolved, leaving negotiators with a daunting task as the UN climate conference nears its close.

Key hurdles include developed nations' reluctance to specify annual contributions, an omission that has sparked frustration among developing nations, which require at least $1.3 trillion yearly to confront growing climate challenges.

The streamlined draft, while acknowledged for its structure, fails to provide clear financial targets and shifts the financial burden to developing nations, sparking criticism from climate activists and policy experts alike.

(With inputs from agencies.)