Climate change funding talks stuck ahead of COP29 summit

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🗞️ Driving the news: Reports from Bonn climate meeting indicate that with only five months to go before COP29, countries are unable to agree on the size of a global funding package
• The decision, aimed at helping the developing world to adapt to and fight climate change, is set to dominate the COP29 climate talks in Azerbaijan in November

🔭 The context: This year, Azerbaijan is hosting the UN climate summit COP29, where nearly 200 countries need to agree on a new annual financing target to help poorer countries cut their emissions and protect their societies in a harsher, hotter world
• Representatives of climate-vulnerable countries say wealthy nations fall late with payments of climate finance, all the while quickly approving new funds for military responses

🌍 Why it matters for the planet: Negotiators say they worry a future Trump administration could stop US climate finance payments, leaving other wealthy nations to meet the annual pledge
• Another worry lies in escalating geopolitical tensions that rise from opposing climate and financial objectives, such as China labeling itself a developing country 

⏭️ What's next: Talks will continue beyond Bonn, with some negotiators saying government ministers could raise the issues at higher level meetings, such as G20 ministers’ gatherings in Brazil ahead of COP29

💬 One quote: "It seems like money is always there when it's a more 'real' national priority for the country," Michai Robertson, negotiator for the Alliance of Small Island States, told Reuters

📈 One number: $1 trillion per year, is the amount India, and a group of Arab countries including Saudi Arabia, the UAE and Egypt have said the overall financing target should exceed

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