Wealthy nations face pressure for climate financing at COP29 talks in Baku

The latest draft from COP29 climate talks in Baku lacks specific commitments from wealthy nations on financing for developing countries. Experts estimate that at least $1 trillion is needed to support clean energy transitions and climate adaptation. Negotiators are struggling to bridge the gap between the $1.3 trillion requested by developing nations and the lower amounts offered by richer countries. Key issues include the total funding amount, the balance of grants versus loans, and which countries will contribute. Observers express disappointment over the absence of concrete financial figures in the draft. While some progress has been made on other climate issues, significant movement is still needed to reach a comprehensive agreement.