COP29: At climate talks, draft of deal gives little clarity on climate cash

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COP29: At climate talks, draft of deal gives little clarity on climate cash - Business Standard

Quick Summary:

A new draft text released early Thursday which 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 left out a crucial sticking point: how much wealthy nations will pay.

Negotiators at the talks known as COP29 in Baku, Azerbaijan, are trying to close the gap between the $1.3 trillion the developing world says is needed in climate finance and the few hundred billion that richer nations have been prepared to pay.

But the draft text "presents two extreme ends of the aisle without much in between", said Li Shuo, Asia Society Policy Institute Director.