illuminem summarizes for you the essential news of the day. Read the full piece on POLITICO or enjoy below:

🗞️ Driving the news: Irish Environment Minister Eamon Ryan, co-lead negotiator for COP29, warns there’s a “real risk” climate finance talks in Baku could fail
• The discussions are focused on setting a new, long-term financial target to support climate action in developing nations, with some countries requesting $1 trillion or more, far surpassing the current $100 billion goal

🔭 The context: The negotiations are proving difficult, especially with industrialized countries pushing for contributions from emerging economies like China
• The EU is advocating for a multi-layered approach, combining public and private sector funding, but concerns about fairness and economic pressures complicate the talks

🌍 Why it matters for the planet: Failure to reach an agreement would undermine global climate cooperation and delay crucial financial support for developing nations, worsening the climate crisis and eroding trust among countries

⏭️ What's next: The Baku summit, starting next month, will focus on securing substantial commitments for climate finance, with the EU emphasizing a mix of public and private funding

💬 One quote: "It would be unforgivable if we didn’t get an agreement," said Eamon Ryan

📈 One stat: Developing countries are asking for $1 trillion or more in annual climate finance, far exceeding the current $100 billion target

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