ZURICH — Delegations from more than 120 countries filed into the conference hall on Tuesday with competing priorities and a shared constraint: time. The agenda is familiar—emissions cuts, adaptation finance, and accountability—but the stakes are higher after a winter marked by costly floods and an unusually early heatwave across several regions.

Diplomats say the clearest dividing line is money. Vulnerable countries want faster access to disaster funding and a predictable stream of support for resilient infrastructure, while several high‑emitting economies insist any new commitments must be paired with stronger reporting rules.

Behind the choreography of speeches and photo lines, negotiators are drafting a framework that would tighten 2030 targets and expand support for cities and power grids. Whether the Zurich package becomes a durable agreement or another statement of intent will depend on the final 48 hours of bargaining.