Tense Talks at COP29: The Elusive Path to Climate Funding

The COP29 climate summit in Baku struggles to reach an agreement on climate funding, as wealthy nations contest a $250 billion annual proposal while developing countries demand more. The draft aims for $1.3 trillion by 2035, but disagreements persist amid global challenges of extreme heat and natural disasters.

The COP29 climate summit in Azerbaijan's capital, Baku, has plunged into overtime negotiations, revealing deep divisions between developed and developing nations over climate financing. A draft proposal that demands developed countries lead with $250 billion annually by 2035 has faced criticism from all parties involved, accusing the sum of being inadequate.

With the conference initially set to conclude on Friday evening, diplomats are still in discussions, with some suggesting the target might increase. Panama's climate change representative, Juan Carlos Monterrey Gomez, has described the suggested amount as outrageously low, casting doubt on wealthier nations' commitment to combat climate change.

As countries struggle to overcome financial disputes, U.N. Secretary-General Antonio Guterres has urged an agreement, citing this year's extreme climate conditions as an alarming catalyst for action. Despite extensive debates, a clear path towards the required $1.3 trillion annual climate fund remains elusive, challenging the global commitment to address climate change effectively.

(With inputs from agencies.)