The United Nations climate body has released new options ahead of the COP29 summit, focusing on how much financial support richer nations should provide to help poorer countries address climate change.
With the summit taking place in Baku, Azerbaijan, the talks have made slow progress, especially on the critical issue of climate finance.
Also read: Climate finance at COP29 may settle in the ‘hundreds of billions,’ say key negotiators
Financial Support for Climate Change
One of the main goals of the COP29 summit is to secure a deal on climate financing. Developing nations have long called for more financial support to help them combat the impacts of climate change. This includes funding for climate adaptation, disaster relief, and green energy transitions.
The new document presented at the summit outlines various options for reaching an agreement. However, it leaves many important details unresolved, including the total amount of funding required. The section on the annual financial commitment is marked with an ‘X,’ indicating no clear figure has been agreed upon.
Also read: COP29: G77 and Developing Nations Oppose Initial Climate Finance Draft
Challenges in Securing Agreement
Key donor countries, particularly those in the European Union, have expressed concerns about committing large sums without greater clarity. They want to understand how the money will be allocated and who will be responsible for paying. These issues have delayed the negotiations and left much to be decided as the summit approaches its final hours.
What’s Still Unclear?
Several critical questions remain unanswered, including what types of financial contributions will count toward the total. The document avoids specifying who will be responsible for making the payments, further complicating the discussions, according to Reuters. Countries are also uncertain about how contributions will be tracked and distributed.
Next Steps at COP29
As the summit nears its conclusion, delegates continue to work toward a final agreement on these key issues. While time is running out, the outcome of these negotiations could significantly impact future climate action efforts. Many developing countries will struggle to meet their climate goals and adapt to the changing environment without sufficient financial commitments.
The COP29 summit’s ability to secure a funding deal will have lasting consequences. A fair and transparent financial commitment from richer nations is essential for global climate resilience. Delegates must address these remaining questions before the summit concludes, ensuring that climate finance is effectively allocated to those who need it most.
