COP29 Draft Outcome Document Includes Several Options for Funding Target

Baku, Nov. 18 (Jiji Press)--A draft outcome document for U.N. climate talks being held in Azerbaijan lists several options for a new target for funds to be contributed by developed countries to combat global warming in developing countries, it was learned Monday.

The options include more than 100 billion dollars per year and more than 1 trillion dollars per year sought by developing countries. They also include a plan in which the amount is left blank.

On Monday, a ministerial-level meeting started at the 29th Conference of the Parties to the U.N. Framework Convention on Climate Change, or COP29. Participants will start full-scale talks toward the end of the session Friday.

COP29 will set a new funding target for 2025 and beyond. Currently, advanced nations contribute 100 billion dollars annually. No major progress has been made in the negotiations so far, with developed and developing countries far apart.

"Vigorous discussions are taking place. We will try to reach an agreement that is feasible," Japanese Environment Minister Keiichiro Asao told reporters ahead of the ministerial-level meeting.

[Copyright The Jiji Press, Ltd.]