As the UN Climate Change Conference (COP29) enters its final stretch in Baku, Azerbaijan, negotiators are bracing for tense discussions over the summit’s central issue – how much funding developed countries should provide to help developing nations cope with climate change impacts and transition to cleaner economies. The release of new draft texts in the early hours of Thursday has set the stage for a potentially contentious day of talks.
Draft Texts Spark Concerns Over Lack of Specific Commitments
The eagerly awaited draft texts, which aim to outline a global agreement on climate finance, have left many delegates and activists dissatisfied. A key sticking point is the absence of specific figures for funding pledges, with the text simply marking the amount with an “[X]” placeholder.
The text caricatures developed and developing country positions on what the main goal should be.
Joe Thwaites, Senior Advocate at Natural Resources Defense Council
Developing countries and climate justice advocates argue that without concrete financial commitments, the agreement will fall short of addressing the urgent needs of nations already grappling with devastating climate impacts and lacking the resources to pursue low-carbon development pathways.
The elephant in the room is the lack of specific numbers in the text. We came here to talk about money. The way you measure money is with numbers. We need a cheque but all we have right now is a blank piece of paper.
Mohamed Adow, Director of Power Shift Africa
High Stakes for Climate Vulnerable Nations
For many developing countries on the frontlines of the climate crisis, the outcome of the COP29 negotiations could determine their ability to protect their populations from worsening impacts and pursue sustainable economic growth. Adequate financial support from wealthy nations, who have historically contributed the most to global emissions, is seen as a matter of climate justice.
The Alliance of Small Island States (AOSIS), representing nations particularly vulnerable to rising sea levels and extreme weather events, has been vocal in demanding a substantial increase in climate finance. According to a diplomatic source, AOSIS negotiators are pushing for the final agreement to include a dedicated fund for loss and damage – compensation for the unavoidable impacts of climate change.
Divisions Between Developed and Developing Nations
The draft texts have also exposed the persisting divide between the positions of developed and developing countries. While some wealthy nations have signaled a willingness to scale up their financial contributions, concerns remain over the lack of specificity and the reluctance to commit to legally binding targets.
Negotiators from the European Union and the United States, among others, are said to be advocating for a more nuanced approach that takes into account the diverse needs and capacities of recipient countries. They argue that a one-size-fits-all funding mechanism may not be the most effective way to channel resources.
We recognize the urgent need for scaled-up climate finance, but we also believe in the importance of designing a system that ensures transparency, accountability, and the strategic allocation of funds to achieve maximum impact.
A senior negotiator from a European country, speaking on condition of anonymity
Calls for Unity and Compromise
As the clock ticks down on the negotiations, there are growing calls for all parties to demonstrate flexibility and a spirit of compromise. Many observers stress that failure to reach a meaningful agreement on climate finance at COP29 could undermine trust in the UN climate process and jeopardize the implementation of the Paris Agreement.
This agreement will decide the climate finance landscape for years to come. Without adequate finance for climate solutions, we won’t be able to prevent catastrophic climate impacts.
Stephen Cornelius, Deputy Global Climate and Energy Lead at World Wildlife Fund
Despite the challenges, some remain optimistic that a breakthrough can be achieved in the coming days. Experienced negotiators point out that it is not uncommon for UN climate summits to go into overtime, with final deals often hammered out in last-minute sessions.
If parties really do work hard in the next 48 to 72 hours, I think it’s absolutely plausible that we’ll see an outcome here, and parties know that they need to deliver that.
David Waskow, Director at World Resources Institute
As the world watches, the stakes could not be higher for the COP29 negotiators tasked with crafting a global response to the defining challenge of our time. The coming hours and days will test their resolve, creativity, and ability to find common ground in the face of profound differences.
