New proposals on COP29 Climate Finance Target Published

On Thursday, the United Nations climate agency published a new set of options to achieve the primary goal of the COP29 Summit: deciding how much money wealthy countries should give to poorer ones in order to help them combat climate change.

The talks in Baku have been slow to reach a consensus on money. The latest draft of negotiating text was delivered several hours after the scheduled time, as the delegates began, in theory the final 48 hours of this event.

The summit will end on Friday but the new document shows that there is much to be decided on the key questions: who pays, what is included in the annual figure and how much.

The 10-page document included a number of options, but did not specify the amount of money each country would like to invest annually. Instead, the space was marked with an "X".

It was not surprising, given that key donors, such as those from the European Union, had said they wanted to know more about the structure and the contributor base before they publicly discussed how much they would contribute.

(source: Reuters)