COP29 climate finance proposal shows stark divides between rich and developing nations

The COP29 climate finance proposal reveals significant differences between rich and developing nations regarding financial contributions to combat climate change. The latest draft, released shortly before the summit's conclusion, shows unresolved issues on funding amounts and structures. Developing countries require at least $1 trillion annually by 2030 to address climate impacts. The new document reflects opposing views: one side favors grants from developed nations, while the other seeks to include various funding types, without specifying total contributions. Key donor countries, including those in the European Union, are seeking clarity on funding structures before committing to specific amounts. The absence of a defined financial target complicates negotiations as the summit approaches its end.