Fiery Climate Finance Talks Heat Up at COP29 Summit

The COP29 climate summit draft finance deal proposes $250 billion annually by 2035 for developing nations, sparking criticism across the board. With the summit in Baku divided over funding, developed countries like the EU and the U.S. face pressure to commit more as the world grapples with escalating climate challenges.

The COP29 climate summit in Baku has sparked intense debate with a draft finance proposal aimed at securing $250 billion per year by 2035 for developing nations. The proposal has drawn ire from negotiators on both sides, magnifying the divide between wealthy and developing countries over climate funding commitments.

Amid the contention, major players such as the United States and the European Union are seen as crucial to the plan's success, while the newly elected U.S. President Donald Trump's climate-skeptic stance adds uncertainty to the proceedings. Developing nations, pushing for more significant funding, have criticized the draft as insufficient.

The Azerbaijani presidency has framed the proposal as a malleable "first reflection," with further negotiations slated to refine the details. The broader aim remains to generate $1.3 trillion annually in climate finance, blending public and private contributions to tackle the escalating climate crisis.

(With inputs from agencies.)