After two weeks of intense negotiations, the 29th World Climate Conference (COP29) has entered a crucial phase as discussions stretch beyond the scheduled end on Friday evening.

Luxembourg has announced an increase in its financial commitment to climate efforts, raising its contribution from 220 to 320 million euros over the next five years.

The central debate of this year's conference revolves around the financial support richer nations are to provide to assist states most affected by climate change. Currently, the proposed figure stands at a total of 250 billion euros annually until 2035, however, many states of the Global South argue that the amount is insufficient and therefore unacceptable.

Environment Minister Serge Wilmes, representing Luxembourg at the conference, acknowledges the challenges but expresses cautious optimism nonetheless.

"No definitive agreement has yet been reached on the amount that needs to be contributed worldwide each year to achieve all climate targets."

Luxembourg's decision to increase its contribution further underlines the commitment to climate responsibility. Minister Wilmes pointed to the European Union's efforts to ensure a successful outcome of the conference.

"We are nearing the scheduled end, so the conference will certainly go into extra time. The EU will do everything it can to make the most of this and secure an agreement, because we want to assume our global leadership function."

Wilmes also underscored the need of engaging major global players such as China, especially as the global order undergoes significant changes. With countries like the United States falling away as reliable partners, he notes progress in securing participation from other nations instead.

Minister Wilmes remains hopeful that consensus can be achieved, however unanimous support from all member states is required for a deal to be finalised.