Turbulence at COP29: The Clash of Climate Finance and Fossil Fuels

At the U.N. climate summit in Baku, conflicting proposals for a global finance deal sowed division, challenging efforts to secure commitments from richer nations to aid developing countries in fighting climate change. A lack of consensus on finance structures and fossil fuel phase-outs has stalled progress.

Division and disagreement erupted at the U.N. climate summit in Baku as negotiators wrestled with a controversial global finance deal. Two opposing proposals led to frustration, highlighting the struggle to finalize commitments from wealthier nations to support developing countries in combating climate change.

The core issue at COP29 remains the financial contributions richer countries should make, with time running out as the conference approaches its conclusion. Delegates face unresolved questions about annual finance targets, donor responsibilities, and investment forms.

The summit's discourse also revisited fossil fuel use, a topic that has generated contention since the summit's commencement. Despite pledges made in the past, the latest draft lacks concrete steps for phasing out fossil fuels, an issue critical to COP29's success.

(With inputs from agencies.)