At U.N. climate talks, a draft of the deal gives little clarity on climate cash for developing nations

New draft text at COP29 climate talks lacks crucial details on funding for developing countries' clean energy transition.

A new draft text released early on Thursday (November 21, 2024) which 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 left out a crucial sticking point: how much wealthy nations will pay.

Negotiators at the talks — known as COP29 — in Baku, Azerbaijan, are trying to close the gap between the $1.3 trillion 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 told The Associated Press on Thursday (November 21, 2024) that how much money is on the table “is most critical” to finding a deal, and that’s what’s missing from the draft deal.

The draft text “presents two extreme ends of the aisle without much in between,” said Li Shuo, Asia Society Policy Institute Director. “Other than capturing the ground standing of both sides, this text hardly does anything more.”

Mohamed Adow, director of the think tank Power Shift Africa, expressed disappointment in the draft. “We came here to talk about money. The way you measure money is with numbers. We need a cheque but all we have right now is a blank piece of paper,” he said.

Independent experts say that at least $1 trillion is needed in finance to help transition away from planet-warming fossil fuels and toward clean energy like solar and wind, better adapt to the effects of climate change and pay for losses and damages caused by extreme weather.

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.