Climate Finance in Limbo: The Missing Trillions

At the UN climate conference in Baku, developed countries remain evasive about the trillions in climate finance needed by developing nations. A critical figure remains unidentified, causing anxiety among nations as 2024 is predicted to be the hottest year on record, underscoring the urgency of financial commitments.

As the UN climate conference in Baku reaches its final hours, negotiations are stalled without a concrete figure for the necessary trillions in climate finance. This unsettling omission leaves developing nations on edge, as the Global South's demands for finance to combat climate change remain unmet.

Developed countries, historically responsible for the bulk of emissions, are urged to update the outdated USD 100 billion goal set in 2009 to at least USD 1.3 trillion. However, talks remain gridlocked, advocating for private sector contributions that developing nations reject due to accountability concerns.

The urgency is amplified by alarming predictions from the World Meteorological Organization, with 2024 set to potentially breach the 1.5 degrees Celsius mark. Civil society and experts are anxiously observing if compromise can be reached before the summit extends into overtime.

(With inputs from agencies.)