The United Nations climate body released a new draft on Thursday (Nov. 21), outlining potential options for the COP29 summit's main objective which is deciding how much financial support wealthier nations should provide to poorer countries for fighting climate change.

The United Nations climate body released a new draft on Thursday (Nov. 21), outlining potential options for the COP29 summit's main objective which is deciding how much financial support wealthier nations should provide to poorer countries for fighting climate change. However, progress has been slow at the talks in Baku, Azerbaijan, as delegates near the summit's scheduled conclusion on Friday. What does the latest document say? The latest text, which was delayed by several hours, highlights unresolved issues surrounding the annual climate finance target, but it does not clarify what should count toward the financial commitments, who should contribute, and how much each country should pay. Developed and developing nations: How do they see climate finance? The document, now reduced to 10 pages from its original length, presents contrasting views from developed and developing nations. Developing countries emphasise that the funds should primarily consist of grants or grant-equivalent contributions. They also argue that financial aid provided by developing nations to each other, such as from larger economies like China, should not be included in the official target. Also read: Russia launched ICBM, claims Ukraine, calls it ‘unprecedented escalation’ On the other hand, wealthier nations advocate for a broader definition of climate finance that includes contributions beyond grants and expands the pool of donor countries. The equation to solve for 'X' Notably, the draft does not specify a concrete annual funding figure, leaving it as "X." This placeholder reflects the hesitation of major donor nations, including European Union members, to commit to a number before finalising the agreement's framework and contributor base. The COP29 presidency has assured delegates that a revised version of the text, including potential figures, will be released overnight to ease negotiations. 'Imbalanced, unworkable and unacceptable' "The text we now have... is imbalanced, unworkable and unacceptable," stated Wopke Hoekstra, the European Union's climate commissioner. Panama's lead negotiator, Juan Carlos Monterrey Gómez, told Reuters, "All of this is turning into a tragic spectacle, a clown show, because when we get to the last minute, we always get a text that is just so weak." The summit, involving nearly 200 countries, aims to establish a global climate finance framework to help developing nations transition to low-carbon economies and address the impacts of extreme weather. (With inputs from agencies)

Stuck on 'X': COP29 fails to set climate finance goal as summit enters final hours

While negotiators work behind closed doors at the&nbsp;COP29&nbsp;talks to thrash out a climate finance deal, the spotlight has been largely stolen by diplomatic turmoil.

France's Environment Minister Agnes Pannier-Runacher said Wednesday she would not travel to Baku after Azerbaijan's President Ilham Aliyev accused Paris of colonial "crimes" and "human rights violations" in its overseas territories.

Pannier-Runacher called his speech "unacceptable... and beneath the dignity of the presidency of the COP."

Attempting to calm the waters on Thursday,&nbsp;COP29&nbsp;lead negotiator Yalchin Rafiyev insisted that Azerbaijan had fostered "an inclusive process".

"We have opened our doors to everybody to come to engage in very constructive, fruitful discussions," he told reporters.

"Our doors are still open."

Relations between Paris and Baku have long been tense over France's support for Azerbaijan's arch-rival Armenia.

Azerbaijan defeated Armenia in a lightning offensive last year when it retook the breakaway Armenian-populated region of Nagorno-Karabakh -- leading to an exodus of more than 100,000 Armenians.

<h2>'Diplomatic matter'&nbsp;</h2>

Aliyev has hailed the victory in remarks to delegates and also raised eyebrows by insisting natural resources including carbon-emitting fossil fuels were a "gift from God".

The EU's climate commissioner said the climate talks "should be a place where all parties feel at liberty to come and negotiate."

"The COP Presidency has a particular responsibility to enable and enhance that," Wopke Hoekstra posted on X.

Compounding the diplomatic turmoil, Argentina's delegation was abruptly pulled from the talks.

Also read:&nbsp;<a data-ved="2ahUKEwiLwLOjjNyJAxVgdPUHHak5L90QxfQBKAB6BAgOEAE" href="https://www.wionews.com/world/cop29-climate-summit-opens-after-trump-win-with-call-for-cooperation-775217" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/world/cop29-climate-summit-opens-after-trump-win-with-call-for-cooperation-775217&amp;ved=2ahUKEwiLwLOjjNyJAxVgdPUHHak5L90QxfQBKAB6BAgOEAE">COP29 climate summit opens with call for cooperation after Trump win</a>

An environment ministry source confirmed the departure but declined to offer more detail.

Argentina's anti-establishment President Javier Milei has made no secret of his scepticism of climate change and is an ally of newly reelected former US president Donald Trump.

While Argentina's delegation was small, its departure "is unprecedented in the country's diplomatic history", said Oscar Soria, an Argentine environmental activist and director of the Common Initiative.

Rafiyev declined to be drawn on the departure.

"We hope that all who are attending here have only one intention, to come to join us in this collective effort to get an outcome that is positive," he said.

<h2>'Very worried'</h2>

But progress on the key goal of the talks -- a new climate finance deal -- is proving grindingly slow.

The main fault line is clear: how much should developed countries pay to help poorer nations adapt to climate change and transition away from fossil fuels.

Watch:&nbsp;Can COP29 Give Solution to Climate Change?

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Rich nations are reluctant to increase the $100-billion a year already committed, conscious of domestic publics angry about inflation and stuttering economies.

But developing countries warn they need at least $1 trillion to defend against the ravages of climate change and meet commitments to reach net-zero emissions.

Sources described ongoing discussions as difficult, with negotiators struggling to wrestle a draft text into a reasonable form before ministers arrive in a few days to start nailing down a deal.

The EU's lead negotiator Jacob Werksman said he was "very worried" about the slow process."

"We are way off a landing ground."

Hanging over proceedings is the question of what role the United States will play on climate action and funding after Trump returns to the White House in January.

He has pledged to again withdraw from the landmark Paris agreement, raising questions about what US negotiators can deliver in Baku.

"I think it's fair to say that there's some uncertainty in the next administration," conceded Jake Levine, the White House's senior director for climate and energy.

But the need to "project American values" would be a powerful driver for continued climate funding and action, he added.

"We cannot cede the playing field to China, to our competitors... So I think that you will see a continued American presence."

Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION&nbsp;audience.

While negotiators work behind closed doors at the COP29 talks to thrash out a climate finance deal, the spotlight has been largely stolen by diplomatic turmoil. France's Environment Minister Agnes Pannier-Runacher said Wednesday she would not travel to Baku after Azerbaijan's President Ilham Aliyev accused Paris of colonial "crimes" and "human rights violations" in its overseas territories.

While negotiators work behind closed doors at the COP29 talks to thrash out a climate finance deal, the spotlight has been largely stolen by diplomatic turmoil. France's Environment Minister Agnes Pannier-Runacher said Wednesday she would not travel to Baku after Azerbaijan's President Ilham Aliyev accused Paris of colonial "crimes" and "human rights violations" in its overseas territories. Pannier-Runacher called his speech "unacceptable... and beneath the dignity of the presidency of the COP." Attempting to calm the waters on Thursday, COP29 lead negotiator Yalchin Rafiyev insisted that Azerbaijan had fostered "an inclusive process". "We have opened our doors to everybody to come to engage in very constructive, fruitful discussions," he told reporters. "Our doors are still open." Relations between Paris and Baku have long been tense over France's support for Azerbaijan's arch-rival Armenia. Azerbaijan defeated Armenia in a lightning offensive last year when it retook the breakaway Armenian-populated region of Nagorno-Karabakh -- leading to an exodus of more than 100,000 Armenians. 'Diplomatic matter' Aliyev has hailed the victory in remarks to delegates and also raised eyebrows by insisting natural resources including carbon-emitting fossil fuels were a "gift from God". The EU's climate commissioner said the climate talks "should be a place where all parties feel at liberty to come and negotiate." "The COP Presidency has a particular responsibility to enable and enhance that," Wopke Hoekstra posted on X. Compounding the diplomatic turmoil, Argentina's delegation was abruptly pulled from the talks. Also read: COP29 climate summit opens with call for cooperation after Trump win An environment ministry source confirmed the departure but declined to offer more detail. Argentina's anti-establishment President Javier Milei has made no secret of his scepticism of climate change and is an ally of newly reelected former US president Donald Trump. While Argentina's delegation was small, its departure "is unprecedented in the country's diplomatic history", said Oscar Soria, an Argentine environmental activist and director of the Common Initiative. Rafiyev declined to be drawn on the departure. "We hope that all who are attending here have only one intention, to come to join us in this collective effort to get an outcome that is positive," he said. 'Very worried' But progress on the key goal of the talks -- a new climate finance deal -- is proving grindingly slow. The main fault line is clear: how much should developed countries pay to help poorer nations adapt to climate change and transition away from fossil fuels. Watch: Can COP29 Give Solution to Climate Change? × Rich nations are reluctant to increase the $100-billion a year already committed, conscious of domestic publics angry about inflation and stuttering economies. But developing countries warn they need at least $1 trillion to defend against the ravages of climate change and meet commitments to reach net-zero emissions. Sources described ongoing discussions as difficult, with negotiators struggling to wrestle a draft text into a reasonable form before ministers arrive in a few days to start nailing down a deal. The EU's lead negotiator Jacob Werksman said he was "very worried" about the slow process." "We are way off a landing ground." Hanging over proceedings is the question of what role the United States will play on climate action and funding after Trump returns to the White House in January. He has pledged to again withdraw from the landmark Paris agreement, raising questions about what US negotiators can deliver in Baku. "I think it's fair to say that there's some uncertainty in the next administration," conceded Jake Levine, the White House's senior director for climate and energy. But the need to "project American values" would be a powerful driver for continued climate funding and action, he added. "We cannot cede the playing field to China, to our competitors... So I think that you will see a continued American presence." Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Diplomatic tensions shadow COP29 talks as nations struggle to hammer out climate finance deal

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Stuck on 'X': COP29 fails to set climate finance goal as summit enters final hours

Diplomatic tensions shadow COP29 talks as nations struggle to hammer out climate finance deal