COP29 draft deal proposes wealthy nations give $250 billion in climate finance

As COP29 climate talks in Baku enter their final week, the UN climate chief told negotiators on Monday to “cut the theatrics,” get down to business and hammer out a new finance deal to compensate countries for climate-driven damages and pay for a clean-energy transition.

COP29 talks in Baku on Wednesday turned to small island nations facing an existential threat from our warming planet, as UN Secretary-General António Guterres insisted that they “deserve support to deal with a crisis [that they] have done next to nothing to create”. 

The latest round of UN climate negotiations, COP29, opened this past Monday in Baku, Azerbaijan, following a year that broke multiple extreme heat records and saw widespread climate-driven chaos – from wildfires to destructive floods and to hurricanes – strike nearly every corner of the planet. A major increase in financial commitments to assist vulnerable countries in mitigating and adapting to climate impacts is the main goal of this year’s conference, which has been dubbed the “climate finance COP.”