- COP29 negotiators struggle to reach agreements on climate finance, with proposals ranging from $440 billion to $900 billion annually.
- The EU demands more apparent structural details before committing to funding amounts, while developing nations push for fairer contributions.
- Emissions reduction talks stall as countries fail to build on last year’s fossil fuel transition agreement, with scientists warning the 1.5°C target is at risk.
Negotiators at COP29 in Baku, Azerbaijan, face mounting pressure as they tackle climate finance. The discussions centre on how much funding developed nations should provide to help vulnerable countries address climate disasters and transition to clean energy.
Azerbaijan’s chief negotiator, Yalchin Rafiyev, announced that “the hardest part begins now” ahead of a new draft text expected at midnight local time (2000 GMT). Delegates voiced frustration over the slow pace of progress.
Australia’s environment minister, Chris Bowen, outlined three proposals for annual financial contributions from wealthier nations: $900 billion, $600 billion, and $440 billion. These figures significantly exceed the $100 billion initially pledged by the EU.
The EU rejected any discussion without finalising how the money would be spent. “We need clarity on the structure before assigning a price tag,” said EU climate commissioner Wopke Hoekstra.
Developing countries demanded fairer treatment in the funding process. Egypt’s environment minister, Yasmine Fouad, argued that wealthier nations and better-off developing countries must not bear the same financial burden. Brazil’s climate negotiator, Ana Toni, reaffirmed that stance, calling it a “red line” for her nation.
Rafiyev promised to streamline future drafts to focus discussions during the summit’s final hours. “We will deliver shorter, sharper texts to help negotiators reach agreements,” he said.
Efforts to accelerate emissions reductions have also faltered. Although countries agreed to transition away from fossil fuels in Dubai last year, they failed to make further progress in Baku.
OPEC Secretary General Haitham Al Ghais defended fossil fuels during the summit, referring to them as “a gift from God.” Azerbaijani President Ilham Aliyev echoed his sentiments and criticised Western nations for opposing the energy industry.
Scientists issued urgent warnings on the need for faster emissions reductions. French climatologist Robert Vautrad predicted the world would exceed the 1.5°C global warming limit by the early 2030s. “Current trends will push us beyond 1.5°C very soon unless we act,” he cautioned.
Negotiators now face the dual challenges of finalising climate finance and securing emissions pledges. As the Friday deadline approaches, they remain divided over critical issues.
The outcome of COP29 will test global commitment to fighting climate change and protecting vulnerable nations.