Azerbaijan Hosts Crucial Talks on New Climate Finance Goal

Azerbaijan, the host of this year's UN climate conference, urges nations to resolve issues surrounding a new climate finance goal. COP29 prioritizes creating an ambitious, reliable package to aid the Global South without resorting to loans. Nations need consensus on reforms to make climate funding fair and accessible.

The United Nations climate conference kicks off in Baku, Azerbaijan, with an urgent call for consensus on a new climate finance goal. The host nation stressed the necessity of addressing unresolved issues to forge a beneficial pact for the global community.

The COP29 agenda focuses on setting a New Collective Quantified Goal, emphasizing that historic polluters must finance this initiative with grants to support Global South countries. The conference aims to establish an agreement that is ambitious and deliverable, without imposing loans.

As negotiations progress, developing countries demand a reformed global financial system to ease access and affordability. The COP29 President highlighted the dire consequences of failing to act, urging nations to finalize the elements of the deal, with only 12 days left to secure an agreement.

(With inputs from agencies.)