Climate finance talks face ‘hardest’ stage as COP29 nears endgame

COP29 News

Climate finance talks face ‘hardest’ stage as COP29 nears endgame
Azerbaijan,Climate Change,Environmental Issues

Wealthy and developing countries are sharply divided over the size of the new goal. It will replace a 2020 pledge by developed countries — delivered two years late — to provide $100 billion per year in climate finance.

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This is AI generated summarization, which may have errors. For context, always refer to the full article.

Progress at the annual summit is typically marked through regular draft documents that get whittled down to a final deal. EU climate commissioner Wopke Hoekstra said the bloc was not willing to talk about the figure until it had more structural details, adding: “Otherwise you will have a shopping basket with a price, but you don’t know exactly what is in there.”

Azerbaijan’s Rafiyev said the COP29 presidency would produce a tighter text overnight. In simple terms, a 25-page document stuffed with multiple options for almost every paragraph needs to become a two page document that can be refined in the final days and then adopted.While talks on finance have been slow, those on speeding up efforts to cut climate-damaging emissions are proving as tough.

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