COP29 Extends Talks on Aid to Developing Nations

Baku, Azerbaijan, Nov. 23 (Jiji Press)--The 29th Conference of the Parties to the U.N. Framework Convention on Climate Change, or COP29, was extended after participants failed to conclude talks by Friday's initial deadline on how much to increase financial aid for climate action in developing nations.

Last-minute negotiations are underway to reach a final accord on Saturday.

On Friday, Azerbaijan, the COP29 chair, presented a draft outcome document including a target of providing 250 billion dollars a year to developing nations, mainly from the public and private sectors of developed nations, but also from some emerging and developing economies.

The draft, which largely reflects the positions of developed countries, may be opposed by developing countries.

COP29 aims to set a new target for 2025 and beyond on the climate aid, currently 100 billion dollars a year from developed nations.

[Copyright The Jiji Press, Ltd.]