BAKU, Azerbaijan — Talks under the auspices of the United Nations aimed at securing funding to combat and adapt to climate change recommenced on Monday, with renewed optimism that negotiations could address existing disagreements and result in a concrete agreement after a sluggish start last week.

This optimism arises from the presence of climate and environment ministers from various countries who have gathered in Baku, Azerbaijan, for the ongoing COP29 discussions. Their attendance is expected to provide crucial guidance to their respective teams on potential pathways forward.

“We find ourselves in a challenging situation,” remarked Melanie Robinson, who oversees the economics and finance program pertaining to global climate at the World Resources Institute. “The discussions have yet to transition to the political arena — once that happens, I anticipate ministers will strive to finalize a deal.”

The focus of the negotiations in Baku is on mobilizing increased financial resources for developing nations, enabling them to shift away from fossil fuel reliance, adapt to the impacts of climate change, and compensate for damages triggered by severe weather events. However, there remains a significant division among countries regarding the required financial commitments. Experts suggest that the financial need could be approximately $1 trillion.

Rachel Cleetus from the Union of Concerned Scientists emphasized that “in five or ten years, we will likely view that $1 trillion as a bargain,” referencing a series of recent catastrophic weather events including severe flooding in Spain and hurricanes Helene and Milton in the United States. “We will find ourselves questioning why we didn’t seize that opportunity.”

Meanwhile, key global decision-makers are convening on another front, as Brazil hosts the Group of 20 summit from November 18 to 19. This summit will bring together some of the largest economies in the world to discuss critical issues, including climate change, which will share the spotlight with pressing matters such as escalating global tensions and poverty.

United Nations Climate Change’s executive secretary, Simon Stiell, emphasized in a statement on Friday that “tackling the global climate crisis should be the primary order of business” at the G20 meetings. He underscored that advancing efforts to mitigate further warming is essential, both within the context of climate discussions and beyond, labeling the role of the G20 as “mission-critical.”