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.

A new draft finance deal delivered to harried negotiators in Baku on Friday – the final scheduled day for the UN climate talks that have been under way for the past two weeks – proposes rich countries commit $250 billion a year to help vulnerable nations cope with our warming planet and to accelerate the global switch to renewable energy.

Independent expert group says amount falls short of $390bn a year needed by 2035 to deal with effects of global warming