COP29 Conundrum: Climate Deal Hangs in Balance Amid Financial Disputes

The U.N. climate summit in Baku, COP29, faces turmoil as a proposed finance agreement offers conflicting options, stalling progress. The meeting aims to determine financial contributions from wealthy to developing nations, but debates over contributions and fossil fuel transitions overshadow diplomatic efforts, threatening summit outcomes.

Division and discontent surfaced at the U.N. climate summit in Baku on Thursday, fueled by a contentious finance proposal offering two conflicting options, leaving delegates frustrated as the summit's conclusion loomed.

The primary aim of COP29 is securing financial contributions from wealthier countries to assist developing nations in combating climate change, crucial for limiting global temperature rises. However, negotiations in Azerbaijan's capital have struggled, with updated draft texts causing delays and numerous issues unresolved, including annual funding targets and specific contributors.

U.N. Secretary-General Antonio Guterres emphasized the need for a breakthrough, warning that failure was not an option. Meanwhile, disputes over fossil fuel commitments added further complexity, with many delegates recalling promises from the previous Dubai summit to transition away from fossil fuels.

(With inputs from agencies.)