Disputes over climate finance stall progress at COP29 conference

The 29th Conference of Parties (COP29) on climate change is facing delays as key issues remain unresolved. Developing countries demand at least $1 trillion annually from 2025 to 2035 to meet climate goals, while developed nations propose a lower target of $250-300 billion. Developing nations, including China and India, argue that funding should address both emission reductions and existing climate damage. They emphasize that developed countries should contribute more based on their historical emissions and economic capacity. Developed countries, led by the EU, believe the demands are excessive and advocate for a broader approach to climate finance. They have agreed on a carbon market framework but have not fully addressed the need for grants or low-cost loans, which developing nations seek.