Poor countries may need to compromise on climate funding at COP29, says former UN envoy
At the COP29 climate summit in Baku, discussions are ongoing about climate finance for poorer countries. A former UN climate envoy, Mary Robinson, indicated that these nations may need to compromise on their funding demands due to financial constraints in wealthier countries. Rich nations have not yet made formal financial commitments, despite the need for $1 trillion annually to help developing countries transition to low-carbon economies. Current expectations suggest that only about $300 billion may be offered. Key issues include a lack of specific financial figures in draft agreements and resistance from some countries, particularly Saudi Arabia, to reaffirm commitments to reduce fossil fuel use. The outcome of these negotiations remains uncertain as talks continue.