Nations clash over climate finance goals as COP29 deadline approaches

At COP29, developing and developed nations are struggling to agree on a new climate finance goal with only 48 hours left. Developing countries seek at least USD 1.3 trillion annually, while developed nations propose a broader funding approach that includes private contributions. Negotiations have been tense, with developing nations rejecting reliance on private funding, which they argue prioritizes profit. They demand that developed countries provide direct public funding instead. Disagreements persist over the amount of public finance needed. The G77 group of developing nations insists on a headline figure in trillions, while various groups propose different amounts. As the deadline approaches, frustrations are growing, and there are concerns about a lack of clarity on financial commitments.