A negotiation document issued by the UN climate body revealed the differences between the countries ahead of next month's meeting in Baku, where negotiators will try to advance some of the most challenging issues.
With less than three months to go before this year's COP29 UN climate talks, countries are still far from agreeing on a new funding target to help developing countries cope with climate change, the summit's biggest task.
The document proposes seven options for a possible COP29 deal, reflecting countries' competing positions. The new target will replace existing commitments by rich countries to provide developing countries with $100 billion in climate finance each year.
Developing countries want a much larger funding target. Donor countries such as Canada and the 27-nation European Union say straining national budgets means a huge increase in public funding.
One option in the document sets the goal of providing $441 billion in grants each year for developed countries and mobilizing a total of $1.1 trillion in funding annually from all sources, including private funding, from 2025 to 2029.
Mukhtar Babayev, Azerbaijan's minister of ecology and natural resources, said that the COP29 presidency will hold intensive negotiations on the financial goal ahead of the COP29 summit in Baku in November.
