COP29 Climate Talks Stalled Over Funding and Fossil Fuel Commitments

Developed and developing nations remain divided on climate finance targets as negotiations in Baku extend beyond the deadline.

• Azerbaijan's COP29 presidency proposed developed nations commit $250 billion annually in climate finance by 2035, far below the $1.3 trillion sought by developing countries.
• Negotiations have been hindered by disagreements on financial contributions, with wealthier nations resisting higher commitments and developing countries demanding urgent support.
• Efforts to secure a clear transition away from fossil fuels have faltered, with some nations, including Saudi Arabia, opposing language targeting specific energy sectors.
• UN Secretary-General Antonio Guterres and other negotiators are pushing for a compromise, warning that failure could undermine progress made at COP28 in Dubai last year.
• Criticism of Azerbaijan's leadership has grown, with observers citing poor coordination and inadequate proposals, leaving many delegates frustrated and uncertain about the summit's outcome.

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