To avert climate catastrophe, the world needs more climate finance. At Cop29, the UN climate summit in Baku that begins today, agreeing a new climate finance goal is the top priority of Azerbaijan’s Cop presidency.

Developing countries require assistance to tackle their emissions and build resilience against growing climate threats. The $100bn annual target, set in 2009, was intended to be fulfilled by 2020. It is now outdated and falls far short of what is needed for countries at the sharp end of the climate crisis.

As the convener of these negotiations, we have been pushing for a fair and ambitious figure. Yet with any consensus process involving 198 parties, each wielding an effective veto, disagreements are inevitable: nothing is settled until it’s settled. Some countries argue for single-digit trillions, some say double-digit trillions, and others argue for hundreds of billions. To what extent this will be covered by public money is a central question. Of course, the global outlook remains uncertain and many nations are facing fiscal strain. However, delaying action today only guarantees a greater bill........

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