How much would it cost to save the planet, and who should pay for it? Those questions are dividing countries ahead of global climate talks next month in Azerbaijan.
A pillar of November’s United Nations climate summit, known as COP29, will be to set a new target for funding climate action in developing countries — a goal that could soar into the trillions of dollars.
For many countries, outside funding is a critical factor in determining how quickly they can limit their use of oil, gas and coal, the main drivers of rising global temperatures. The funding will also dictate how much they can protect themselves from extreme heat, hurricanes and rising seas.
But establishing a new funding target globally, and deciding who would provide the money, is hugely contentious. If countries can’t come to an agreement at COP29, it threatens other negotiations around establishing stronger plans to cut climate pollution over the next decade.