What's happened
The COP29 climate summit in Baku, Azerbaijan, begins today, focusing on climate finance and the establishment of a new financial target to replace the $100 billion commitment from the Paris Agreement. Disagreements persist over funding amounts, contributors, and priorities, complicating negotiations.
Why it matters
What the papers say
The Independent highlights the urgency of COP29, noting that finance remains a divisive issue among nations. Stuti Mishra reports that the initial $100 billion goal was only met in 2022, underscoring the challenges ahead. All Africa emphasizes the critical need for a new financial target, the NCQG, to mobilize necessary funds for climate action. The ongoing disagreements over funding amounts and contributors could hinder progress, as noted by experts from the World Resources Institute, who stress that without adequate finance, nations will struggle to commit to more ambitious climate goals.
How we got here
The COP29 summit follows years of contentious negotiations over climate finance, particularly between developed and developing nations. The previous $100 billion target was only met in 2022, highlighting ongoing challenges in mobilizing necessary funds for climate action.
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