Negotiators fail to finalize climate finance goal at Baku conference
Negotiators at the climate conference in Baku failed to reach an agreement on a climate finance goal. Developed countries increased their offer from $250 billion to $300 billion annually, but developing nations demand at least $1.3 trillion, primarily in public finance. The plenary session concluded without addressing the new collective quantified goal. Only objections were raised by the Maldives and Chile, and no revised draft agreement was available by the end of the session. Additionally, controversial carbon markets were adopted under the Paris Agreement, despite criticism from civil society groups. They argue these markets do not effectively reduce emissions and harm vulnerable communities.