Negotiations at Cop29 in Baku, Azerbaijan were scheduled to finish on Friday evening but a final deal on climate finance remains elusive.

A key task of the UN gathering, which kicked off on Nov 11 in Baku, Azerbaijan, is to establish a 2025-35 climate finance commitment from developed nations to developing countries, which is officially known as the New Collective Quantified Goal.

Negotiations at the UN climate summit in Baku, Azerbaijan, enter their second week today with a slew of unfinished agenda items. Why it matters: A failure to arrive at a new and far-reaching annual funding target for climate funding directed at the developing world — which climate impacts are hitting the hardest — could have knock-on effects for years.

The Climate COP is halfway over and, to put it simply: while things have been urgent for some time, we have now come to a dire moment.

COPs have been getting progressively longer; the excellent team at Carbon Brief extrapolated the trend line, which suggests COP29 will end in the small hours of Sunday morning. Even that may be optimistic.

The COP29 UN climate summit released a first draft deal Thursday which puts at least $1 trillion of financing on the table, yet key details on where that money will come from still need to be ironed out.