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'We are talking about talking': frustrations rise at COP29 over climate finance goals

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Economists have told COP29 that developing countries need at least $1.5 trillion annually by the end of the decade to cope with climate change.

The success of this year's UN climate summit therefore hinges on whether countries can agree on a new finance target for richer countries, development lenders and the private sector to deliver each year. But political tensions and disagreements are making progress a challenge.

Finance negotiator for the Alliance of Small Island States Michai Robertson says there is also pessimism about changes in global politics in China and the US, two of the world's biggest emitters. Principal EU Climate Policy adviser Jacob Werksman says negotiations are working through these concerns. Damian Spruce, from Caritas Australia, says financing solutions cannot disadvantage those nations any further.

 

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