Global climate finance deal remains deadlocked as COP29 nears end

Talks on a dramatically raised finance deal at the COP29 meeting in Baku remained deadlocked, with a draft text failing to mention the amount even as the clock ticked away on the summit that ends on Friday.

- Puja Das

The new draft, presented by host Azerbaijan on Thursday, defines climate finance, identifies contributors, and establishes two options on the overall goal—but it fails to put a number on the amount that must come from wealthy countries to help developing nations in the fight against climate change.

Developing countries say the amount should be scaled up from the current $100 billion a year to trillions of dollars. India, for instance, has cited a figure of at least $1.3 trillion a year, much of it in grants.

The two options in the draft agreement reflect the broad division between developed and developing countries on the question of finance.