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Negotiators at the talks in Azerbaijan are trying to close the gap between the USD 1.3 trillion that the developing world says is needed in climate finance and the few hundred billion that richer nations have been prepared to pay.
A new draft text released at the COP29 climate summit left out a crucial sticking point about the contributions of wealthy nations to climate change.
The draft will form the basis of any deal reached at United Nations climate talks on money for developing countries to transition to clean energy and adapt to climate change. Negotiators at the talks in Azerbaijan are trying to close the gap between the USD 1.3 trillion that the developing world says is needed in climate finance and the few hundred billion that richer nations have been prepared to pay.
Ali Mohamed, chair of the African Group of Negotiators said that how much money was on the table was critically important and that was missing from the draft.
There are three big parts of the issue where negotiators need to find agreement: How big the numbers are, how much is grants or loans and who contributes. He said there is predominant leadership from small island countries. The EU has moved forward to stress movement is needed on the energy transition but is reluctant on finance.
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Experts said that a deal was still a long way off, and the summit appeared headed toward the same drama and overtime finish as seen in previous years.
