New proposal awaited in Baku on climate finance deal [Video]

Host Azerbaijan was set Friday to put forward a new proposal for a potentially major deal on climate financing, hoping to bridge gaps between rich and developing countries on the official last day of the COP29 talks.

The two-week conference at a sports stadium in the Caspian Sea city of Baku is almost certain to go into overtime, with key details for a deal yet to be released, let alone agreed.

The main priority at COP29 in Baku is agreeing a new target to replace the $100 billion a year that rich nations provide poorer ones to reduce emissions and adapt to disasters.

Developing countries plus China, an influential negotiating bloc, are pushing for $1.3 trillion by 2030 and want at least $500 billion of that from developed nations.

Major contributors like the European Union have baulked at such demands, and insist private sector money must be counted toward the …