Negotiators failed to agree on the "New Collective Quantified Goal on Climate Finance" ahead of COP29, leaving key issues unresolved
Suggested voluntary funds from fossil fuel producers aim to assist developing countries but favour developed nations' preferences
Under the 2009 Copenhagen Accord, developed countries pledged $100 billion annually. This target has been met only once — in 2022
Developing nations worry that expanding climate finance to include private funds may lead to loans with challenging terms, risking a debt crisis
Current climate finance needs range from $2.4 trillion to $10 trillion per year by 2030. India's call for a $1 trillion annual target highlights the gap
COP29 faces the challenge of reconciling demands for shared financial obligations while addressing historical responsibilities of developed nations