Money is a primary emphasis of the COP29 climate discussions taking place in Azerbaijan. Negotiators were told Thursday to pay now to help poorer countries deal with climate change or pay more later. Experts estimated that by the end of the decade, poor states will require at least $1 trillion annually to transition to greener energy and weather protection.
Money is a primary emphasis. The COP29 climate talks in Azerbaijan are heavily focused on money, and the summit’s success will probably be determined by whether or not countries can agree on a new target for the amount of money that wealthy countries, development lenders, and the private sector must give to developing nations annually to finance climate action.
According to the OECD earlier this year, a previous target of $100 billion annually, which expires in 2025, was reached two years late in 2022, however a large portion of it was in the form of loans rather than grants—something recipient nations claim has to alter.
A study from the Independent High-Level Expert Group on Climate Finance set the tone for the day by stating that by 2035, the goal annual amount would need to increase to $1.3 trillion, or maybe more if nations do not act immediately.
“Any shortfall in investment before 2030 will place added pressure on the years that follow, creating a steeper and potentially costlier path to climate stability,” warned the research.
“The less the world achieves now, the more we will need to invest later.”
Negotiators are working on draft texts of a deal behind the scenes, but the United Nations climate body’s early-stage materials simply show the vast array of opposing viewpoints at the table and give little indication of the final destination of the discussions.
Some negotiators stated that they were waiting for a condensed version of the most recent finance text before they could start negotiating a settlement because they found it to be too lengthy.
Given that many Western governments have been obligated to contribute since the 2015 Paris Agreement and are reluctant to do so until nations like China join them, any agreement is likely to be difficult to negotiate.
Negotiations have also been clouded by the likelihood that incoming President Donald Trump will withdraw the United States from any future financial agreement, which has increased pressure on delegates to find alternative means of obtaining the necessary sums.
These include the world’s multilateral development institutions, like the World Bank, which are being reformed to increase their lending capacity and are funded by wealthier nations.
By 2030, ten of the biggest have already committed to increasing their climate funding by almost 60% to $120 billion annually, with at least an additional $65 billion coming from the private sector. Money is a primary emphasis.
More nations stated they would explore taxing polluting industries including shipping, aviation, fossil fuels, and financial activities in an effort to earn more funds, but this time around, an agreement is improbable.
The head of the Association of Banks of Azerbaijan, Zakir Nuriyev, declared Thursday that the 22 banks in the nation have committed to investing close to $1.2 billion in initiatives that support Azerbaijan’s shift to a low-carbon economy.
There have already been a few diplomatic squabbles during the three days of the meeting. Money is a primary emphasis.
Agnès Pannier-Runacher, the French environment minister, canceled her attendance to COP29 on Wednesday after President Ilham Aliyev of Azerbaijan accused France of “crimes” in its Caribbean overseas territories.
Aliyev addressed the conference, “The regimes in their metropolis often brutally suppress the voices of these communities.”
Paris’ backing of Azerbaijan’s adversary Armenia has long caused tensions between France and Azerbaijan. Baku was accused by Paris this year of inciting and encouraging violent conflict in New Caledonia. Money is a primary emphasis.
In response, European Union climate commissioner Wopke Hoekstra wrote on X that “the COP should be a place where all parties feel at liberty to come and negotiate on climate action, regardless of any bilateral disagreements.”
“The COP Presidency has a particular responsibility to enable and enhance that,” he stated. Money is a primary emphasis.
That comes after Aliyev accused the US and EU of hypocrisy in his opening remarks at the conference on Monday for lecturing nations on climate change while continuing to be significant fossil fuel producers and users.
Two diplomats at the gathering informed Reuters that Argentina’s government had pulled its negotiators from the COP29 negotiations, although neither was aware of the cause. Money is a primary emphasis.
The embassy of Argentina in Baku remained silent.
Javier Milei, the president of Argentina, has previously referred to global warming as a fraud.
Money is a primary emphasis
