There is much still be to decided at COP29, the global climate talks summit, taking place in Baku, Azerbaijan right now.
After climate financing stalemate, that mirrored the nature financing divide at COP16 last month, a new draft text has been released on climate finance for developing countries, where the budget is “[X] trillion dollars”.
Developing nations are asking for £1 trillion from richer countries a year. The latest draft deal proposes £199 billion annually per year until 2035.
The ten-page draft has a placeholder in place of a financing budget, which is causing more divisions between richer nations and developing countries. A key issue at this year’s COP is finance, as 2030 draws nearer, there is a need for a strong budget and strict goals.
The consensus on a climate financing goal from can allow developing countries to make good on promises to reduce emissions and keep global warming in check, but richer countries who have benefited from the fossil fuel industry for decades have yet to agree to a deal.
The negotiations are still in process, but reports indicate that representatives are keen to come to an agreement by the end of today.