Global climate summit starts in Azerbaijan as money talks heat up

The annual UN climate-change conference kicked off in Baku today with money matters taking center-stage. Nearly 200 countries representatives arrived at the oil-rich nation to discuss how to handle climate-change costs (which is becoming a hot-button issue)

The main focus of the two-week summit revolves around a complex question: who should pay for climate damage. Developing nations which produce less greenhouse gases face the worst impacts; while rich countries that built their wealth on fossil-fuels dont want to take full responsibility

The U.S.‚ EU‚ [and] Australia built their economies on fossil fuels. Those fossil fuels caused pollution‚ and that pollution now is causing catastrophic harm

This years meeting has some notable set-backs. The worlds top three carbon-producers — Xi Jinping‚ Joe Biden‚ and Narendra Modi — wont attend; while total turn-out is half of last years Dubai summit. The host country Azerbaijan faces questions about its gas-production plans and alleged attempts to use the event for new fuel deals

The financial targets are eye-popping. After reaching the long-delayed $100-billion yearly goal just last year rich nations now face pressure to commit much more:

• Developing countries want $1-trillion per year
• Current proposals suggest hundreds of billions
• New targets must be set by 2025
• Previous goals took years to reach

Recent climate impacts show why funding is crucial. Global temperatures hit record highs this year — already 1.3 degrees above pre-industrial times. Scientists say the world heads toward dangerous 3.1-degree warming by centuryʼs end unless major changes happen

The meetings future impact remains unclear with Donald Trumpʼs recent win casting shadows over climate action. His previous term saw U.S withdraw from climate deals; his next term could push other nations to step-up their leadership roles