Baku: Climate Talks Race Against Time for Funding Agreement
Negotiators at the UN climate talks in Baku are working hard to secure a major agreement that could provide financial support to poorer nations grappling with the impacts of climate change. The urgency comes after both wealthy and developing countries rejected a draft proposal that was presented on Thursday.
With the summit scheduled to end on Friday, it now looks set to extend beyond its original timeline. Countries ranging from the United States to China criticized the draft released by the hosts from Azerbaijan.
The key focus at COP29 is to establish a new financial target to replace the $100 billion annually that wealthier nations have committed to help smaller nations reduce emissions and adapt to climate-related disasters. Developing countries, along with China, are advocating for a total of $1.3 trillion by 2030, with at least $500 billion of that coming from developed nations. However, major players like the European Union are hesitant about these financial demands, stating that contributions from the private sector should be included in the total.
The latest draft acknowledged that developing nations require a significant amount of funding but did not specify an exact figure. Cedric Schuster, the chairman of the Alliance of Small Island States, expressed frustration, saying, "There is a critical piece of this puzzle missing: the overall number." He urged that the time for political games has passed.
Ali Mohamed, who leads the African Group of Negotiators and also serves as Kenya’s climate envoy, highlighted the significance of the missing amount, referring to it as the “elephant in the room.” “This is the reason we are here,” he stated.
Azerbaijan plans to issue a revised, shorter draft later on Thursday that is expected to include specific numbers. UN Secretary-General Antonio Guterres, who returned to Baku after attending the summit’s opening last week, noted that negotiators had not yet moved from their initial positions and called for a “final push” to reach an agreement.
