The UN Climate Change Conference, COP29, has officially commenced in Baku, Azerbaijan, with a primary focus on establishing a new global climate finance goal. Negotiators are tasked with replacing the previous $100 billion annual commitment with a more substantial fund to assist developing nations in transitioning to green energy and managing climate-related disasters. While host officials emphasize the urgency of 'turning ambition into action,' some developed nations have expressed caution regarding the scale of financial contributions and the transparency of fund allocation. Observers note that the absence of several high-profile world leaders could complicate the reaching of a consensus. The summit is expected to last two weeks, during which participants will also discuss carbon market rules and national emission reduction targets.