COP29 negotiations face challenges as talks extend beyond deadline

Negotiators at COP29 are struggling to finalize a climate deal as talks extended beyond the scheduled end date. Wealthier nations, including the UK, EU, and US, have increased their climate finance offer to $300 billion annually, aiming to address concerns from developing countries. Frustration among developing nations led to a temporary walkout during discussions. They previously rejected a lower funding proposal of $250 billion. Despite this setback, some representatives expressed optimism about reaching an agreement. Countries also agreed on rules for a global carbon credit market, which could generate significant funding for climate initiatives. The negotiations are complicated by the upcoming US presidential transition, which may affect future climate finance commitments.