EXPLAINER: Why are countries fighting over climate finance at COP29?

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Countries are negotiating a higher target for payments starting next year, but some have been reluctant to confirm its size until it is clear which countries will contribute. The US provided nearly $10 billion in international climate finance last year, less than the European Union’s $31 billion contribution.

While China is already investing hundreds of billions of dollars in electric vehicles and renewable energy abroad, it does so on its own terms.Developing countries say the specific amount needed to tackle climate change should be the starting point for negotiations to ensure the final target adequately covers their needs.

The rich countries expected to provide the money have not specified a target sum, though the US and the EU have agreed it must be more than the previous $100 billion target.

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