Political direction needed to settle dispute on climate finance: COP29 prez

The president of this year's UN climate summit said on Wednesday that political direction is required to resolve disagreements on a new financial target to support developing countries' climate actions post 2025.

Climate finance will be at the centre of the UN climate conference in Baku, Azerbaijan, where the world will reach the deadline to agree on the New Collective Quantified Goal (NCQG) -- the new amount developed nations must mobilise every year starting 2025 to support climate action in developing countries.

But achieving consensus will not be easy, given the disappointing progress made on the issue at the mid-year UN climate talks in Bonn, Germany.

"There are disagreements on key elements that will require political direction and we must focus high-level discussions on these points," COP29 President-Designate Mukhtar Babayev said in a letter to nearly 200 countries that are signatories to the United Nations Framework Convention on Climate Change (UNFCCC).

Babayev said clima