What's happened
Negotiations at COP29 in Azerbaijan are ongoing as developing nations express dissatisfaction with proposed climate financing. A draft deal pledges $250 billion annually by 2035, but many argue this falls short of the $1.3 trillion needed. Tensions rise as some countries walk out in protest.
Why it matters
What the papers say
According to The Independent, negotiators from the Least Developed Countries (LDC) bloc walked out in protest, stating, "The current deal is unacceptable for us." This sentiment was echoed by Colombia's environment minister, who described the situation as one of high dissatisfaction. Meanwhile, the South China Morning Post reported that even a proposed increase to $300 billion would still be seen as "crumbs" by some negotiators, emphasizing the gap between the proposed figures and the actual needs of developing nations. The urgency of the situation is underscored by the fact that workers have begun dismantling the venue, indicating that time is running out for a resolution.
How we got here
The COP29 climate talks in Baku, Azerbaijan, aimed to address financial commitments from wealthy nations to support developing countries in combating climate change. Previous agreements set a target of $100 billion annually, but demands have escalated significantly.
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