COP29 draft faces criticism over climate finance goals as presidency seeks revisions

The first draft text for COP29 has faced significant criticism, particularly regarding unclear climate finance goals. Key issues include the criteria for contributions and the expected amounts. The EU has called for more ambitious mitigation efforts. Azerbaijan's COP29 Presidency stated the draft is not final and will be revised. Sources indicate that while the text needs further consultation, a breakthrough may be imminent. The draft acknowledges differing responsibilities among countries. Discussions are ongoing about which nations should contribute to climate financing. Developed countries traditionally held this responsibility, but emerging economies like South Korea and China are now also involved. The debate centers on how to recognize these contributions.