COP29: Negotiations come down to the wire on new climate finance goal

Euronews Green brings you the latest updates from the UN climate conference in Baku, Azerbaijan.

Follow along with our live coverage of COP29 here. From our team at home and in Baku we’ll be sharing the biggest news from day 10 of the UN climate summit.
On what should be the second to last day of the talks, tensions were high after new draft texts dropped early this morning. These will form the basis of final deals at the summit – including an all-important one on climate finance.
But reactions so far have not been good. The climate finance text is missing a vital piece of information: how much wealthy countries will need to pay.
Developing countries say they need more than $1 trillion (around €950 billion) in climate finance. Rich countries have been resistant but exactly how much they are prepared to contribute isn’t clear as the world’s wealthiest countries keep their cards close to their chest.
EU Climate Commissioner Wopke Hoekstra has said the lack of ambition is “clearly unacceptable”. This morning he urged the COP29 Presidency to “step up the leadership”.
Sources close to the COP29 Presidency told Euronews that they believe they are “nearing a historic Baku breakthrough”.
As countries gave the Presidency their feedback on the draft texts it is clear, however, that there are still a lot of details to be worked out. Many are not happy with the lack of a finance figure.
The draft text on mitigation has also faced criticism as negotiators fear a step back from the call to transition away from fossil fuels agreed at COP28 in Dubai last year. The UK’s secretary of state for energy security and net zero Ed Miliband said standing still was a “retreat”.
“The world will rightly judge us very harshly if this is the outcome.”
Find all of our latest and original stories on COP29 from our team in Baku and across Europe here.