Negotiators push for financial deal at UN climate talks in Baku

Negotiators at the UN climate talks in Baku are under pressure to secure a financial agreement for vulnerable nations before COP29 concludes this week. These nations are seeking $1.3 trillion for climate adaptation, significantly more than what wealthier countries have offered. Discussions focus on the size of financial commitments, the balance between grants and loans, and the responsibilities of donor nations. The European Union is expected to propose $200 billion to $300 billion annually, which many view as insufficient. Developing countries emphasize the need for grants rather than loans, citing existing debt burdens. There is a call for developed nations to make firm commitments to support climate initiatives for those most affected by climate change.