The latest draft of a UN climate deal published Tuesday narrows the options for increasing funding to poorer countries, but leaves unresolved the thorny question of how much they should receive.
Nations at the COP29 summit in November are aiming for a new finance goal to replace the $100 billion a year that rich countries pledged to help the developing world tackle global warming.
That goal expires in 2025 and is considered well below what the world’s most climate vulnerable nations need to prepare for the future and reduce their own planet-heating emissions.
Rich country donors, including the United States and European Union, have agreed to keep paying climate finance, but have baulked at demands for $1 trillion a year or more.
They have not made an offer, but COP29 hosts Azerbaijan on Monday indicated that hundreds of billions of dollars in public money would be a “realistic” target.
The …