As negotiators representing several island nations temporarily walked out of the COP29 climate summit last night, amid tense discussions over funding to combat climate change, Deputy Prime Minister Biman Prasad says he was optimistic that common ground could be found.
The UN summit in Azerbaijan was scheduled to end on Friday, but has since been extended an extra day as representatives of over 200 countries work towards a deal.
Professor Prasad says when it comes to money, it's always controversial but they are expecting a deal tonight.
Poorer nations are demanding hundreds of billions of dollars in finance be available from wealthier nations by 2035 to help them cope with the impacts of climate change.
A number of wealthy, high-emitting nations — including Australia — upped their combined offer in annual funding from US$250 billion to US$300 billion per year yesterday.
Developing countries have been demanding around US$390 billion in annual funding.
The new goal is intended to replace developed countries' previous commitment to provide $100 billion in climate finance for poorer nations per year by 2020.
That goal was met two years late, in 2022, and expires in 2025.
Representatives from the least developed countries and small island nation blocs walked out of a negotiating room in frustration at one point last night, but said they remain committed to finding a deal.
[Source: ABC]
