With the COP29 climate summit in Azerbaijan nearing its conclusion, negotiators are racing to secure a substantial financial commitment for developing countries to combat climate change. Vulnerable nations are asking for $1.3 trillion to address climate damage and build clean-energy systems, though experts suggest at least $1 trillion is needed. Wealthier countries have yet to reveal their financial pledges, with proposed amounts ranging from $200 billion to $1.3 trillion. Key points of contention include the total sum, the balance between grants and loans, and whether emerging economies like China should contribute. Developing nations emphasize that rich historical polluters have a responsibility to provide public grants, not just loans or private funds. As time runs out, negotiators are under pressure to deliver a draft agreement that reflects ambitious yet realistic goals, amid calls for greater urgency and collaboration.
SOURCE: AL JAZEERA
