COP29: Push for agreement on a new climate finance deal ‘right from the start’

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.”

As intense round-the-clock COP29 climate talks enter their final stretch in Baku, delegates on Wednesday are eagerly awaiting updates on the progress of negotiations regarding a new climate finance target. Meanwhile, high-level discussions also continued, with a focus on key issues such as urbanization, transport, and tourism.

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.