Negotiators push for climate deal at COP29 in Baku as deadline approaches

Negotiators at COP29 in Baku are under pressure to finalize a deal by the end of the week. The focus is on securing $1.3 trillion for vulnerable nations to adapt to climate change, a significant increase from what wealthier countries have offered. COP29 President Mukhtar Babayev urged negotiators to resolve technical issues quickly to concentrate on key financial discussions. The European Union is expected to propose $200 billion to $300 billion annually, which many view as insufficient compared to the needs of developing countries. Discussions are centered on the size of financial commitments, the balance between grants and loans, and the responsibilities of donor nations. Developing countries emphasize the need for grants, as they face substantial debt burdens.