Negotiators face tight deadline for climate funding deal at UN talks in Azerbaijan

Negotiators at the UN climate talks in Azerbaijan are under pressure to reach a financial agreement for vulnerable nations before COP29 concludes this week. Developing countries are seeking $1.3 trillion for climate adaptation, but wealthier nations have not committed sufficient funds. Discussions focus on the size of financial contributions, the balance between grants and loans, and the responsibilities of donor countries. The European Union is expected to propose $200 billion to $300 billion annually, which many view as inadequate. Some wealthy nations suggest leveraging loans to attract additional funding, but poorer nations prefer grants due to existing debt burdens. There is a strong call for developed countries to make firm commitments to support developing nations in the negotiations.