Climate finance negotiations at UN summit reach stalemate | World News

The COP29 climate talks in Baku are facing a deadlock in negotiations over climate finance, with developed and developing nations unable to agree on the scale and structure of funding. Activists are protesting for a strong climate finance deal, urging world leaders to commit to supporting developing countries at the United Nations Climate Change Conference. The latest draft text on the new collective quantified goal shows little progress, with proposed funding amounts ranging from $100 billion to $2 trillion annually, with disagreements over implementation. A report suggests mobilizing $1 trillion annually by 2030 for emerging markets. Calls for reform of the COP process are being made by the Club of Rome, calling for stricter eligibility criteria, more concrete action, stronger accountability, and an end to climate financing through loans. However, some experts defend the multilateral process as essential for climate progress. The unexpected withdrawal of Argentina from the talks, potentially signaling a future pullout from the Paris Agreement, has further complicated negotiations. Developing nations criticize the US delegation’s approach and fear a lack of cooperation in the future. The outcome of the finance negotiations at Baku could impact global climate action and the resources available for developing nations to implement ambitious climate plans. Activists and experts are calling on developed countries to step up and fulfill their obligations to support developing nations in the fight against climate change to prevent the failure of COP29.

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