- COP29 climate summit host Azerbaijan urged participating countries to bridge their differences and come up with a finance deal today, November 22.
- Division and discontent over the negotiations have already spilled into the open after the presidency released a fresh deal draft on November 21 that offered two vastly different options that left no one happy.
COP29 climate summit host Azerbaijan urged participating countries to bridge their differences and come up with a finance deal today, November 22, as negotiations at the two-week conference entered their final hours.
World governments represented at the meeting in the Caspian Sea city of Baku are tasked with agreeing on a sweeping plan that would see rich nations pledge to hand over hundreds of billions of dollars to help poorer countries grapple with the worsening impacts of global warming.
Economists have said developing countries need at least $1 trillion annually by the decade’s end, but wealthy nations have been resisting. Negotiations have also been clouded by uncertainty over the role of the United States, the world’s top historic greenhouse gas emitter, ahead of climate sceptic President-elect Donald Trump’s return to the White House.
“We encourage parties to continue to collaborate within and across groups with the aim of proposing bridging proposals that will help us to finalise our work here in Baku,” the COP29 presidency said in a note to delegates on Friday morning. It said a new draft deal would be released at midday in Baku in the hopes of a deal by the end of the day.
Division and discontent over the negotiations have already spilled into the open after the presidency released a fresh deal draft on November 21 that offered two vastly different options that left no one happy.
Although the 10-page document was slimmed to less than half the size of the previous versions issued at the summit, it avoided stating the total funds countries would aim to invest each year, leaving the space marked with an “X”.
It also reflected big divisions over issues such as whether funds should be offered as grants or loans and the degree to which different types of non-public finance should count towards the final annual goal.
“I hope they find the sweet spot with this next iteration,” said Li Shuo, director of the China Climate Hub at the Asia Society, a veteran observer of COP summits. “Anything other than that may require rescheduling flights.”
UN Secretary-General Antonio Guterres returned to Baku from a G20 meeting in Brazil on Thursday, calling for a significant push to get a deal and warning that “failure is not an option”.