Disagreement grows over climate finance proposal at UN summit

At the UN climate summit COP29, a new draft proposal on climate finance has caused significant disagreement between developed and developing nations. The proposal suggests counting domestic resources from developing countries as part of climate funding, which has been met with strong opposition. The draft offers two options for the New Collective Quantified Goal (NCQG) on climate finance. One option maintains traditional funding from developed to developing countries, while the other, favored by developed nations, includes domestic resources and delays implementation until 2035. As negotiations continue, developing countries demand a clear funding commitment of $1.3 trillion per year, while developed nations express concerns over the proposal's balance. The ongoing deadlock highlights deeper tensions regarding climate responsibilities and financial support.