Global Climate Finance Tensions: $250 Billion Debate at COP29

The COP29 climate summit in Baku saw tensions rise over a draft finance deal proposing $250 billion annually by 2035 for developing nations. The proposal faced criticism for being both too high and too low, with a lack of consensus on funding contributions complicating negotiations as the summit neared its conclusion.

The COP29 climate summit presidency in Baku released a controversial draft finance deal on Friday, suggesting developed nations take the initiative in providing $250 billion yearly by 2035 for developing nations. The proposal drew sharp criticism from multiple sides, exposing deep divisions over the funding strategy to combat climate change.

Negotiators are racing against the clock to bridge their differences before the conference, scheduled to conclude on Friday, potentially requires overtime discussions. Developed countries resist the substantial financial commitment, while developing nations argue the proposal doesn't meet their critical needs.

Further complicating matters, countries like the USA face internal political challenges, while uncertainty surrounds the commitment levels of key nations. As extreme weather wreaks havoc globally, the pressure is mounting for a comprehensive and agreeable climate finance solution.

(With inputs from agencies.)