COP29 Talks Deadlocked Over Climate Finance and Emission Reductions

Developing nations demand clear financial commitments as wealthy countries push for stronger emission reduction targets.

• Developing nations, led by the G77+China bloc, are calling for at least $500 billion annually in climate finance from wealthy countries by 2030 to address climate impacts and transition to clean energy.
• Wealthy nations, including the EU and the US, are resisting specific financial commitments, instead seeking broader agreements on reducing greenhouse gas emissions.
• The draft text released by the Azerbaijani COP29 presidency has faced widespread criticism for lacking ambition and clarity, with negotiators pushing for revisions before the summit's scheduled conclusion on Friday.
• UN Secretary-General António Guterres urged all parties to accelerate progress, warning that failure to reach an agreement is not an option given the escalating climate crisis.
• Cities and local governments are stepping up as climate leaders, with initiatives like London’s expanded clean air zones and renewable energy projects in Freetown and Bogotá offering hope amidst global inaction.

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