Trillion-Dollar Climate Challenge: Tensions and Talks at COP29

Developing countries require at least $1 trillion annually to combat climate change, according to economists at U.N. talks in Baku. The COP29 summit faces hurdles as global political tensions rise, particularly due to Trump's election. A new climate finance target surpassing the $100 billion goal is crucial.

The economic burden on developing nations is immense, with economists proposing a hefty $1 trillion annual requirement to address climate change by the decade's end. At the COP29 summit in Baku, diplomats face the challenge of agreeing on a new financial target amid diplomatic tensions overshadowing discussions.

Political dynamics at the summit are fraught with complications following Donald Trump's U.S. presidential election victory, which casts uncertainty over America's future participation in climate talks. The rift between developed and developing nations was evident across main stages and negotiation rooms.

Yalchin Rafiyev, COP29's lead negotiator, emphasized the urgency, urging parties to engage in direct dialogue to foster mutually beneficial solutions. With a prior $100 billion commitment unmet until 2022 and largely through loans, a new, higher goal is necessary, potentially over $1.3 trillion annually by 2035 without swift action.

(With inputs from agencies.)