Negotiations at COP29 in Baku are facing significant hurdles as delegates strive for consensus amid ongoing discussions. A new draft on climate financing has been introduced, but clarity remains elusive. Key issues include establishing a new financing goal and addressing the annual $1.3 trillion demand from developing nations. While tensions persist, there are signs of progress, particularly with China’s recent commitment to climate investments. The upcoming G20 summit in Rio is seen as a pivotal opportunity to advance negotiations.
Negotiators Face Challenges at COP29 in Baku
As the negotiations at COP29 in Baku continue into Saturday, delegates are grappling with the complexities of reaching a consensus after a week of intense discussions. The hope lies in the upcoming G20 summit in Rio, which, alongside the arrival of ministers, could potentially break the deadlock. UN Climate Chief Simon Stiell remarked, “There is still a long way to go, but everyone is very aware of the stakes, halfway through COP.”
Financing Climate Action: Key Points of Debate
A new draft compromise on climate financing was circulated on Friday evening, consisting of 25 pages filled with various options. However, observers note that the text remains unwieldy and undecided. An anonymous source expressed concern, stating, “There is still no clear sign of direction because the text has not yet been sufficiently shortened, with still many options on the table.”
COP29, which runs from November 11 to 22, aims to establish a “New Quantified Collective Goal” (NCQG) to replace the previous commitment requiring wealthy nations to contribute $100 billion annually to assist developing countries in reducing emissions and adapting to climate change. Yet, crucial questions linger about who will fund these efforts, the types of financing that will be recognized, and the timeline for these contributions. An observer noted a “tense” atmosphere during informal talks, while a seasoned negotiator suggested that parallel discussions among major powers are progressing positively.
The negotiations highlight tensions between affluent nations and developing countries, which are striving for a unified demand of $1.3 trillion annually in financing. Specific requests have emerged as well, with the 45 least developed nations, primarily in Africa, seeking at least $220 billion each year, and small island developing states requesting $39 billion. Meanwhile, European negotiators express frustration over the ongoing discussions of a dense text without concrete figures. Jacob Werksman, the chief negotiator for the European Union, voiced concerns about the regression in negotiations after a year of prior discussions.
On a more optimistic note, there has been a sign of goodwill from China, with the country publicly outlining its climate action investments in developing nations, moving beyond its previous stance of labeling these as “South-South cooperation.” Friederike Röder from the NGO Global Citizen emphasized the urgency for world leaders at the G20 to create a strong political momentum to avoid jeopardizing the negotiation outcomes.
The G20 summit, gathering the world’s largest economies, will take place on Monday and Tuesday in Rio, with Brazil eager to establish financial solutions ahead of COP30, which it will host next year in Belem. Simon Stiell stressed the importance of G20 leaders affirming that international cooperation is crucial for humanity’s survival against global warming.