Climate finance stalemate: COP29 talks struggle over $1T question

📆 11/21/2024 4:43 AM
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Developing countries, excluding China, will need $1 trillion a year in foreign assistance by 2030.

A man stands next to the logo of the COP29 United Nations climate conference, in Baku, Azerbaijan, November 20, 2024. / Photo: Reuters

This will be the focus as nations go back to the negotiating table with just a day to go until COP29 is supposed to conclude in Baku. The main sticking points — who should pay, how much and the type of funding — remain unresolved in the slimmed-down 10-page document. Some developing countries have pushed for a final commitment of $1.3 trillion, mostly in grants from government coffers, and not loans they say add to debt.

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