COP29: Bridging the Climate Finance Gap Amid Diplomatic Turmoil

Economists at the U.N. talks in Baku urged for $1 trillion annually by 2030 to support developing nations against climate change. Amid diplomatic tensions, especially highlighted by U.S.' uncertain role, negotiators struggle to finalize finance targets. The divide between developed and developing countries persists, straining agreement on actionable climate goals.

At the United Nations talks in Baku, economists emphasized the urgent need for developing countries to secure at least $1 trillion per year by the decade's end to combat climate change. COP29's success hinges on establishing a concrete financial commitment from richer nations and the private sector.

However, global diplomatic tensions threaten to overshadow these critical negotiations. Former President Trump's election victory raises questions about the United States' participation in future climate discussions, while the ongoing rift between developed and developing nations poses significant hurdles.

As financial negotiations intensify, members debate a new annual target, with developing nations urging for increased grants over loans. While Western nations express reluctance to contribute more without broader cooperation, including China, multilateral development banks aim to increase climate financing by 60% by 2030.

(With inputs from agencies.)