Negotiators raced against the clock at UN climate talks Thursday to broker a potential trillion-dollar deal to help poorer nations tackle global warming after rich and developing countries roundly rejected a draft proposal.
The UN climate summit is supposed to conclude on Friday but is almost certain to run into overtime as nations from the United States to China panned a text released by the Azerbaijani hosts.
The main priority at COP29 in Baku is agreeing a new target to replace the $100 billion a year that rich nations provide poorer ones to reduce emissions and adapt to disaster.
Developing countries plus China, an influential negotiating bloc, are pushing for $1.3 trillion by 2030 and want at least $500 billion of that from developed nations.
Major contributors like the European Union have baulked at such demands, and insist private sector money must be counted toward the goal.
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