COP29 Stalemate: Climate Fund Dispute Extends Talks Beyond Deadline
Originally Published 1 year ago — by The Guardian
The COP29 climate talks in Baku extended past their deadline as developed and developing countries clashed over funding a proposed $1 trillion climate fund. Rich nations offered $300 billion annually, far short of the $1.3 trillion needed, with developing countries demanding more grants and low-interest loans to avoid debt. Tensions rose with accusations of obstruction by fossil fuel interests and criticism of the host country, Azerbaijan. Despite challenges, there was hope for a deal prioritizing vulnerable communities' needs.