BAKU, Azerbaijan - Pay now to help poorer countries cope with climate change or pay more later, negotiators were warned on Thursday, as experts said poor states need at least copy trillion per year by the end of the decade to move to greener energy and protect against extreme weather.

Money is a central focus of the COP29 climate talks being held in Azerbaijan. The success of the summit is likely to be judged on whether nations can agree a new target for how much richer nations, development lenders and the private sector must provide each year to developing countries to finance climate action.

A previous goal of copy00 billion per year, which expires in 2025, was met two years late in 2022, the Organisation for Economic Cooperation and Development (OECD) said earlier this year, although much of it was in the form of loans rather than grants, something recipient countries say needs to change.

Setting the tone at the start of the day, a report from the Independent High-Level Expert Group on Climate Finance said the target annual figure would need to rise to copy.3 trillion a year by 2035, or potentially more if countries drag their feet now.