Negotiators are fighting over three big parts of the issue: How big the numbers are, how much is grants or loans, and who pays. The how big question is the toughest to negotiate and will likely be resolved only after the first two are solved, COP29 lead negotiator Yalchin Rafiyev told The Associated Press in an interview Tuesday. "There are interlinkages of the elements. That's why having one of them agreed could unlock the other one," Rafiyev said.
Leaders of the 20 most powerful economies issued a statement that among other things gave support to strong financial aid for climate for poor nations and the use of leverage financial mechanisms. That was cheered by climate analysts and advocates.
Money is the key issue in Baku, where negotiators are working on a new amount of cash for developing nations to transition to clean energy, adapt to climate change and deal with weather disasters. It'll replace the current goal of $100 billion annually - a goal set in 2009.
So Rafiyev said the conference presidency is putting the pressure on them, telling 'the developed countries that the figure should be fair and ambitious, corresponding to the needs and priorities of the world.'
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