COP29 week one ends in deadlock as divisions stall climate action progress

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COP29 week one ends in deadlock as divisions stall climate action progress - Economic Times

Quick Summary:

The G-77/China bloc reiterated the call for $1.3 trillion annually in climate finance, with an emphasis on grants and concessional funding to avoid burdening vulnerable economies already grappling with the impacts of climate change.

"The costs of inaction are far greater than the costs of action," Castle warned, adding that countries must come together not only for climate action but also for long-term economic stability.

The lack of progress on key fronts, including the long-standing USD 100 billion annual climate finance pledge, left developing nations increasingly frustrated.