COP29 summit in Baku extends as climate finance negotiations stall

The COP29 summit in Baku has extended beyond its scheduled end as negotiations on climate finance stall. Developing nations criticized a new proposal for $250 billion a year by 2035, calling it inadequate compared to their demands in the trillions. Diplomats from developing countries expressed frustration, stating the proposal does not meet their adaptation needs. The draft text, while providing a basis for further discussions, is seen as favoring developed nations and lacking specific funding commitments for vulnerable countries. Negotiations continue as parties work to address key issues, including emissions cuts and fossil fuel commitments. The conference is expected to extend into the weekend as delegates seek a consensus.