COP29 climate summit extends as $385 billion funding deal faces challenges
The COP29 climate summit in Azerbaijan has extended beyond its scheduled end as negotiations over a draft deal for climate finance continue. The proposal calls for developed nations to provide $250 billion annually by 2035, but it has faced criticism from both wealthy and developing countries. Progress was made with a draft agreement on carbon markets, but disagreements remain over the funding target. Developing nations argue the proposed amount is insufficient, while some developed countries find it too high and lacking in broader participation. Brazil has suggested a higher target of $300 billion annually, increasing to $390 billion by 2035. The summit aims to establish a comprehensive climate finance goal of $1.3 trillion by 2035, but negotiators warn that achieving this will require significant collaboration and commitment.