India on Thursday said developed countries must commit to providing at least USD 1.3 trillion each year until 2030 to developing nations and that the new climate finance package being negotiated at the UN climate conference in Azerbaijan cannot become an "investment goal".

Money is a central focus of the climate talks being held in Azerbaijan and the success of the summit is likely to be judged on that goal.

Landing a new agreement to boost money for climate action in developing countries is the summit's top priority. Read more at straitstimes.com.

BAKU: At COP29, the G77 bloc of developing nations, alongside China, took a firm stance on the New Collective Quantified Goal (NCQG) for climate finance, calling for an ambitious financial commitment from developed countries to support climate action in the developing world.

Developing countries need at least $1 trillion per year by the end of the decade to cope with climate change, economists told U.N. talks in Baku, where early efforts to reach a finance deal risk being overshadowed by diplomatic rows.

STORY: If poorer states are to move to greener energy and protect against extreme weather, at least $1 trillion per year will be needed by the end of the decade.That's the warning to negotiators at COP29 on Thursday (November 14) as money becomes a central focus of the climate talks being held in Azerbaijan.

BAKU: Giving much needed talking points around nature and quality of new post-2025 climate finance here at UN climate conference (COP29), an Independent High-Level Expert Group on the issue on Thursday suggested that the negotiations should be focused on mobilising $1 trillion per year by 2030 in "external (public and private) finance from all

Early efforts to reach a finance deal at the UN climate summit are at risk of being overshadowed by diplomatic rows