The COP29 climate summit in Baku, Azerbaijan, is in its final days, with negotiations intensifying over a new climate finance target. Developing nations are demanding up to $1.3 trillion annually to address climate change impacts, a significant increase from the $100 billion goal set in 2009. However, developed countries have yet to propose a concrete figure, leading to frustration and accusations of "radio silence" from the developing world.

The Like-Minded Developing Countries (LMDC) group, including major economies like China and India, has called for $600 billion in public funding, supplemented by private finance, to meet the $1.3 trillion target. Meanwhile, the Alliance of Small Island States (AOSIS) is pushing for $900 billion in government funding. The European Union has internally discussed a figure between $200 billion and $300 billion annually, but this has been met with derision from developing nations, who see it as insufficient.

Negotiators are also grappling with the structure of the new climate finance goal, including what counts as climate finance and who should contribute. Developed countries are pushing for a broader contributor base, including wealthier nations like China and Gulf states, which are still classified as developing under the 1992 UN Framework Convention on Climate Change.

The summit has seen protests and strong statements from developing countries, with Bolivia's negotiator Diego Pacheco dismissing the $200 billion figure as "a joke." The G77, representing over 130 developing nations, insists on a headline figure in the trillions to be included in the final text.

As the deadline approaches, the COP29 presidency is under pressure to broker a deal that satisfies all parties. The outcome of these talks will be crucial in determining the financial support available to developing countries as they tackle the impacts of climate change.