A showdown is brewing over money, oil and carbon

Policymakers and business leaders from across the globe are set to arrive in Dubai in the United Arab Emirates for the world’s biggest and most important annual climate conference.

The COP28 summit, which starts on Thursday and is scheduled to run through to Dec. 12, will provide a critical forum for government officials, business leaders and campaign groups to accelerate action to tackle the climate crisis.

The pressure to deliver is immense. Global temperatures and greenhouse gas emissions continue to break records, with no continent left untouched by more frequent and intense extreme weather events.

Here’s a look at what’s at stake at COP28.

Climate finance is always a hotly debated talking point at the U.N. summit and COP28 promises to be no different. It refers to the financing needed to support efforts to both significantly reduce emissions and adjust to the effects of climate change.

Talks in Bonn, Germany earlier in the year became gridlocked over this issue of finance and support, with some low-income countries refusing to talk about slashing emissions unless there was an equal focus on how wealthy nations would provide cash to them.

It laid the groundwork for what one environmental group expects to be a “huge fight” between high-income and low-income nations at COP28.

Data published by the Organization for Economic Cooperation and Development in mid-November, however, showed that…