Cop29 climate summit live: raising funds to finance climate fight is feasible, economists say

As day eight begins in Baku, leading economists say finding the required $1tn a year ‘is feasible’, even as negotiators run into a ‘valley of death’ amid deadlock in climate talks

Cop29 negotiations aren’t moving fast enough, according to one of the Pacific leaders attending the summit in Baku.

Surangel Whipps Jr, the president of the republic of Palau, has written an op-ed for the Guardian in which he describes the relentless invasion of his country’s coastlines by rising seawater and calls for bolder action by negotiators. He says:

The importance of these issues to Pacific countries cannot be understated. Around the world, conversations on global security often revolve around invasions, acts of terrorism and threats to peace. For us, the climate crisis is our invasion. It’s a relentless, unyielding force that attacks our food security, our economy, our culture and our very existence.

We want to access sufficient, predictable, grants-based climate finance to address our climate change needs and priorities. These climate finance mechanisms should be scalable, contextual, flexible and predictable.