EU climate chief criticizes COP29 draft text as unacceptable over funding disputes

A draft climate text from COP29 in Baku, Azerbaijan, has highlighted divisions between developing and industrialized countries over a new climate finance goal. Negotiators are struggling to agree on funding to help developing nations combat climate change. EU climate chief Wopke Hoekstra criticized the draft as "unacceptable," stating it lacks ambition. Developing countries seek a funding commitment in the trillions from 2025 to 2035, while industrialized nations propose a similar goal but emphasize contributions from developing countries. Concerns have also been raised that the draft ignores previous agreements on transitioning away from fossil fuels. The conference is set to conclude on Friday, but discussions may extend into the weekend as negotiators seek a resolution.