COP29 Faces Challenges as Climate Finance Talks Intensify

Delegates in Baku grapple with setting a new climate finance target amid geopolitical shifts and economic strains.

Negotiations at COP29 in Baku focus on establishing a new climate finance target to aid developing nations in combating climate change.
Developed countries previously pledged $100 billion annually by 2020, a target only met in 2022, highlighting the need for a more substantial goal.
Discussions are complicated by disagreements on the size of the new target, the role of loans versus grants, and which countries should contribute.
The recent U.S. election, with Donald Trump as president-elect, adds uncertainty, as his previous administration withdrew from the Paris Agreement.
Global economic challenges, such as high inflation and fragile growth, further complicate the task of reaching a consensus on climate finance.