Funding Climate Action: Deliberations at COP29 Summit

The COP29 summit in Baku is focused on setting the financial contributions of richer countries to aid poorer nations in tackling climate change. Despite nearing the summit's end, key funding decisions remain unresolved, with donor countries seeking clarity before committing specific amounts.

The United Nations climate body is working to establish financial commitments from wealthier nations to support poorer countries in addressing climate change at the ongoing COP29 summit in Baku, Azerbaijan. Delegates are striving to finalize this crucial agenda as the summit approaches its scheduled conclusion.

A recently released draft document outlines various options for determining the annual financial contributions, although it stops short of specifying a precise figure. The negotiators are still deliberating on several unresolved issues, including the criteria for counting contributions, determining the contributors, and setting exact amounts.

Major donor countries, particularly those within the European Union, have expressed a need for greater clarity regarding the structure and contributor base before making any specific financial commitments. This demand for transparency has contributed to the slow progress in negotiations as the summit's end draws near.

(With inputs from agencies.)