COP29 climate summit in Baku extends negotiations over funding gap for developing nations

The COP29 climate summit in Baku has extended past its deadline, with key negotiations still ongoing. A major issue is the New Collective Quantified Goal for climate finance, where developed countries have proposed $300 billion, far below the $1 trillion needed annually by 2030. Developing nations, including Pakistan, express dissatisfaction with the proposed funding, highlighting a significant gap in climate finance. Pakistan's delegation criticized the draft agreement as disappointing, emphasizing the need for grants rather than loans to address climate vulnerabilities. Discussions also focus on which countries should contribute, with European nations urging high-emitting countries like China to share the burden. The election of Donald Trump as U.S. president has raised concerns about future commitments to climate finance.