COP29 talks stall over climate damage funding for developing countries

At the COP29 climate talks in Baku, discussions are stalled over funding for climate damage in developing countries. The focus is on establishing a new climate finance goal, but the recent U.S. election complicates efforts, as President-elect Trump plans to withdraw from international climate agreements. Rich countries previously pledged $700 million to a loss and damage fund at COP28, but the specifics of funding and access remain unclear. Developing nations are advocating for at least $100 billion annually by 2030, emphasizing public finance over private investment. The fund's executive director, Ibrahima Cheikh Diong, has a background in insurance, which raises concerns about the fund's direction. As climate impacts worsen, the need for urgent financial support for recovery efforts becomes critical, yet the fund's future remains uncertain.