Climate Summit: Brokering Billions for a Sustainable Future

The U.N.'s COP29 climate summit seeks to secure trillions in climate project funding worldwide. Wealthy countries initially promised $100 billion annually, which is now being renegotiated. Debate surrounds the contribution size and which countries should pledge funds, with the U.S.'s commitment uncertain. Developing nations urge over $1 trillion annually.

At the U.N.'s COP29 climate summit, nearly 200 countries aim to finalize a deal to secure massive funding for climate initiatives globally.

Originally, wealthier nations promised $100 billion annually to assist developing countries, but this figure is now under renegotiation. The discussions hinge on determining who should contribute and how much. Notably, the U.S.'s participation remains in doubt following political shifts.

The debate continues over a higher funding target exceeding $1 trillion, driven by calls from developing regions that face urgent climate challenges. There is emphasis on attaining consensus and significant global cooperation at COP29 to meet these pressing needs.

(With inputs from agencies.)