The ongoing COP29 climate summit in Baku, Azerbaijan, is pivotal, with key decisions pending that could impact global climate action.
The recent stalemate on climate financing echoes the divide seen during COP16, highlighting the ongoing challenges in securing sufficient funding for climate initiatives. A new draft document has emerged, focusing on climate finance for developing nations, indicating a proposed budget of “[X] trillion dollars.”
Developing countries are advocating for a commitment of £1 trillion annually from wealthier nations. In contrast, the latest draft offers a significantly lower figure of £199 billion per year until 2035, which has resulted in heightened tensions between developed and developing countries.
This ten-page draft presently includes a placeholder for the financing budget, intensifying the rift between these parties. With the 2030 deadline approaching, securing a clear budget and setting stringent objectives is increasingly urgent.
Achieving consensus on a climate financing target is crucial for empowering developing nations to fulfill their commitments to reduce emissions and combat climate change effectively. However, wealthier nations, many of which have reaped the benefits of fossil fuel industries for decades, have yet to reach a binding agreement.
Negotiations continue, with delegates expressing determination to finalize an accord by the day’s end.