BAKU, Nov 21, 2024 (V7N) – As COP29 in Azerbaijan enters its final day, a new draft deal was unveiled, exposing the stark divide between rich and developing nations on climate financing. The draft offers two competing options, both acknowledging the need for $1 trillion per year to help poorer countries cope with the impacts of global warming, but leaving the exact figure marked with an "X."

The two proposed options show that the major sticking points—who should pay, how much, and the type of funding—remain unresolved. With just one day left in the talks, negotiators are struggling to bridge the gap between the demands of developing countries for substantial climate finance and the reluctance of wealthy nations to commit fully.

Li Shuo, director of the China Climate Hub at the Asia Society Policy Institute, commented, saying, "The new finance text presents two extreme ends of the aisle without much in between," highlighting the impasse as the clock ticks down on the conference.

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