### Climate Financing Deal Dominates Contentious COP29 Talks in Baku

In the early hours of Saturday, negotiators from some of the world's major economies engaged in heated discussions to secure a $300 billion-per-year climate financing agreement at the COP29 summit in Baku, Azerbaijan. This deal aims to break the deadlock that has plagued the conference, as confirmed by two sources speaking to POLITICO. Disappointingly, the poorer nations that require these funds and will suffer the most due to ongoing carbon pollution were excluded from these crucial talks.

The fate of the United Nations climate negotiations now hinges on whether these developing countries will accept the proposed financing increase just after rejecting a $250 billion-a-year offer as inadequate. European Union Climate Commissioner Wopke Hoekstra expressed uncertainty about the outcome, stating, "It is iffy whether we will succeed."

Initially scheduled to conclude on Friday, the negotiations have extended into their 13th day, with the final agreement still pending. Saturday's overnight meeting commenced post-1 a.m. and continued until dawn, characterized by intense debates and "lots of shouting," according to a European diplomat.

Saudi Arabia became a focal point of tension during this gathering, which featured negotiators from countries including Saudi Arabia, China, the United States, India, the United Kingdom, Brazil, and Australia. The Saudi representatives have refused to address the media until the conference formally ends. Still reeling from the previous COP conference in Dubai, where they committed to transitioning away from fossil fuels, Saudi Arabia has reportedly obstructed many negotiations regarding the specifics of this transition, sources stated.

At the meeting's conclusion, affluent countries — notably the U.S., Australia, and European nations — agreed to allocate $300 billion annually by 2035 to assist poorer countries in mitigating climate change and switching to renewable energy sources. This commitment exceeds the initial expectations of around $200 billion per year, according to European diplomats. The U.S. State Department has not confirmed the exact amounts under discussion.

Although no official draft deal has been released, U.N. Secretary-General António Guterres spent much of Friday urging wealthy nations to up their financial contributions from the proposed $250 billion, recognizing that developing countries' needs total in the trillions annually. Private funds are anticipated to bridge some of this gap.

Irish Climate Minister Eamon Ryan confirmed the increased financial pledge but noted that Saudi Arabia stymied talks on reducing greenhouse gas emissions. U.S. climate envoy John Podesta remarked that negotiations were ongoing, yet expressed the time-sensitive nature of the talks, saying, "These things have a shelf life."

Meanwhile, representatives from the Marshall Islands and Belize reported they were unaware of any overnight settlements. Azerbaijan's conference organizers briefed delegates from 38 small island states about the expected final agreement, still to be officially disclosed.

Juan Carlos Monterrey Gómez, Panama's climate envoy, expressed frustration with the negotiation tactics, accusing developed nations of pressuring poorer countries into unfavorable agreements. Echoing these sentiments, Belize's U.N. representative Carlos Fuller emphasized that the matter transcends financial aid, highlighting the existential threat posed by climate change.