Developing countries need a minimum of $1 trillion annually by the end of the decade to effectively address climate change, according to economists at recent U.N. talks.

The latest proposals for the COP29 summit in Baku highlight the ongoing challenges in securing financial commitments from wealthier nations to support poorer countries in their climate efforts. Negotiations have been slow, with key issues such as the definition of financial contributions, the identities of contributing nations, and the amounts involved still unresolved. The latest draft of the negotiating text was delivered later than expected, indicating significant gaps remain as the summit approaches its conclusion.

Climate diplomacy expert Li Shuo emphasized that the current finance text reflects a stark divide between negotiating parties, with little consensus in sight.