COP29: Delegates renegotiate new compensation for developing nations

Money is the key issue at the United Nations climate talks in Baku, Azerbaijan, where negotiators are working on a new amount for developing nations to transition to clean energy, adapt to climate change and deal with weather disasters.

Experts put the need close to $1 trillion, while developing nations have said they'll need $1.3 trillion in climate finance.

But negotiators are talking about different types of money as well as amounts, involving a complex package of grants, loans and private investment.

Whatever the form of the finance, Ireland’s environment minister Eamon Ryan said it would be “unforgivable” for developed countries to walk away from negotiations without making a firm commitment toward developing ones.

“We have to make an agreement here,” he said. "We do have to provide the finance, particularly for the developing countries, and to give confidence that they will not be excluded, that they will be center stage.”

Kenya’s special envoy for climate Ali Mohamed said that most developing nations are in agreement that funds for climate finance need to be at $1.3 trillion. That’s a similar figure to one proposed by independent U.N. experts last week.

“We hope that our partners from the developed world will come up and join us in addressing this challenge honestly and with commitment,” Mohamed said.

Mohamed said “it is not encouraging that we continue haggling” while people continue to die and become displaced due to climate crises around the world.