COP29: Balancing Climate Finance Between Rich and Poor Nations

The United Nations released new options for climate finance at COP29, aiming to determine funding from rich to poor nations. Discussions in Baku face challenges as delegates struggle to agree on finance methods, targets, and contributions. A trillion dollars annually is needed by decade's end.

The United Nations has unveiled fresh options for climate finance at the COP29 summit, aiming to set a financial framework to assist poorer nations in tackling climate change.

Negotiations in Baku have hit snags, with delegates debating how to define contributions and determining who should pay.

Developing nations require $1 trillion annually by 2030, but the finance text lacks consensus, delaying final agreements.

(With inputs from agencies.)