Ten days of negotiation have entered their final stage. People close to the talks say delegations have largely agreed on priorities for the money: coastal defences, climate resilience in agriculture, and early warning systems.

The dispute is over where the money comes from. Some developing countries insist contributions be tied to cumulative historical emissions, while several advanced economies argue that middle-income countries should contribute too.

Between "pledged" and "paid"

A second recurring issue is delivery. Several delegates noted in plenary that a low share of previously pledged funds has actually been disbursed, and are pressing for a firm timetable to appear in the final text.

The number in the communiqué and the number in the account are two different things.— A delegate from a small island state

Observers caution that even a completed agreement will depend on domestic budget decisions in each country — the part that is never on the negotiating table.