COP29 climate talks: Draft text omits key funding commitments

A new draft text released early Thursday at the COP29 climate summit left out a crucial sticking point: how much wealthy nations will pay.

The draft will form the basis of any deal reached at United Nations climate talks on money for developing countries to transition to clean energy and adapt to climate change,

Negotiators at the talks in Azerbaijan, are trying to close the gap between the $1.3 trillion that the developing world says is needed in climate finance and the few hundred billion that richer nations have been prepared to pay.

Ali Mohamed, chair of the African Group of Negotiators said Thursday that how much money is on the table “is most critical” to finding a deal. That's what's missing from the draft deal.

There are three big parts of the issue where negotiators need to find agreement: How big the numbers are, how much is grants or loans and who contributes.

Andreas Sieber, associate director of global policy and campaigns at the environmental group 350.org said “the fight is up”.

He said there is predominant leadership from small island countries. The EU has moved forward to stress movement is needed on the energy transition but reluctant on finance.

“But a lot of things at this point happen in the back end,” he said.

Iskander Erzini Vernoit, director of Moroccan climate think-tank Imal Initiative for Climate and Development, said he was “at a loss for words at how disappointed we are at this stage to have come this far without serious numbers on the table and serious engagement from the developed countries.”

Experts said Thursday that a deal is still a long way off, and the summit appeared headed toward the same drama and overtime finish as seen in previous years.