By Kate Abnett, Nailia Bagirova and Karin Strohecker
At the COP29 climate summit, countries are facing the toughest part of negotiations on funding for developing nations to tackle climate change. With the deadline approaching, frustration is growing over the lack of progress in determining the financial support needed.
The main focus is on deciding the form of funding, who will contribute, and the amount required. Developing countries are demanding $1.3 trillion per year in public climate finance from wealthy nations, but there is no consensus yet.
While talks on finance continue, discussions on reducing emissions are also challenging. The goal of limiting global warming to 1.5 degrees Celsius is at risk, with scientists warning of crossing this threshold by the early 2030s if current trends persist.
It is crucial for countries to reach a new commitment to cutting emissions quickly to combat climate change effectively.
Analysis:
The COP29 climate summit is a critical event where countries are negotiating the funding needed to address climate change. Developing nations are pushing for significant financial support, but wealthy countries are yet to agree on a specific amount.
The lack of progress in both financing and emission reduction talks is concerning, especially with the looming threat of surpassing the 1.5 degrees Celsius warming limit in the near future.
For individuals, this means that the outcome of the COP29 summit can impact global efforts to combat climate change and the financial resources available for developing countries. It is essential to stay informed on the latest updates and understand the importance of reaching agreements to protect the planet and future generations.