Failure in Baku was "not an option," said UN Secretary-General Antonio Guterres, emphasizing the dire need for a substantial climate financing agreement.
Cedric Schuster, the chairman of AOSIS, reflected on the urgent issues faced by vulnerable nations, expressing that, "We are literally sinking" compared to developed countries.
The core aim of COP29 was to establish a new climate funding target to replace the current $100 billion goal, driven by developing countries' demands.
Amidst negotiations, significant disagreements emerged over the size of the climate finance package, with developing nations seeking at least $1 trillion annually.
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