Negotiators at the COP29 climate summit in Baku are entering a critical phase as they attempt to finalize a new global climate finance agreement. The primary focus remains the New Collective Quantified Goal (NCQG), intended to replace the previous $100 billion annual commitment to help developing nations transition to green energy and manage climate-related disasters. While developing countries and climate advocates are pushing for a target exceeding $1 trillion per year, donor nations from the Global North have expressed caution, citing domestic fiscal constraints and calling for a broader contributor base that includes emerging economies. Proponents of the higher target argue that without significant financial mobilization, global temperature goals will become unreachable. Conversely, some developed nations suggest that private sector investment must play a more central role alongside public funds. As the summit nears its conclusion, observers indicate that a final consensus will require significant compromises on both the total funding amount and the structure of the financial mechanisms.