COP29 summit runs overtime as finance talks falter over ‘insult’

Bolivian diplomat Diego Balanza and African Group’s lead finance negotiator Alpha Kaloga criticized the new global climate finance goal draft text of US$250 billion a year by 2035 as insufficient, leading to heated discussions at COP29 in Baku. Developed nations were favored in the proposal, offering far less than the trillions requested by developing countries, with no specific funding allocations for small island countries and the least developed countries. Despite the flaws, the draft text provides a basis for future negotiations, marking a shift towards engagement and potential progress in addressing climate finance challenges.

Full Article