COP29 climate finance talks stall as developing nations reject funding proposal

At COP29, negotiations on climate finance continue without a breakthrough. Developing countries rejected a proposed funding target of $250 billion per year by 2035, calling it insufficient compared to their demand of $1.3 trillion. The COP29 Presidency will release a new text on Saturday, as some delegations extend their stay in Baku. Discussions are focused on the New Collective Quantified Goal for Climate Finance, with developed nations needing to increase their financial commitments. Civil society groups have expressed strong opposition to the current proposals, urging developed countries to commit more substantial funding. They argue that a poor agreement would be worse than no deal at all, highlighting the urgent needs of developing nations.