Baku climate talks extend as developing nations reject funding proposal

The COP29 climate talks in Baku have been extended after developing countries rejected the latest draft agreement. Developed nations proposed a New Collective Quantified Goal for Climate Finance of $250 billion by 2035, while at least $700 billion is needed by 2030. Delegates from the European Union consider the demand for $1 trillion annually too high. The current proposal lacks commitments for affordable financing, leading to criticism from developing nations and civil society groups about its adequacy to address climate challenges. The new goal is seen as a downgrade from previous commitments, including the $100 billion per year promised in 2009. Critics argue that the proposal weakens financial obligations and relies too heavily on private funding sources.