COP29 is halfway done, and the frustration is showing. Delegates in Baku face significant challenges as they attempt to scale up climate finance to address the global warming crisis. With less than a week to go, the summit is under increasing pressure to deliver on critical financial commitments, but slow progress has frustrated many.
Also read: COP29 in Baku Faces Stalemate as Key Issues Remain Unresolved
Urgent Call for Support from G20 Leaders
The U.N.’s climate chief, Simon Stiell, urged leaders of the world’s largest economies to send a strong signal of support for global climate finance. In a letter to G20 leaders, Stiell called for an increase in grants, loans, and debt relief for vulnerable nations. These actions, he said, would ensure that countries are not “hamstrung by debt servicing costs,” which often hinder their ability to take bold climate action.
Business Community Supports Stiell’s Plea
Business leaders echoed Stiell’s call, stressing the need for clear, decisive policies that support the transition to clean energy. A coalition of business groups, including We Mean Business Coalition and the United Nations Global Compact, urged governments to deliver policies that would unlock essential private sector investment.
They emphasized the importance of shifting away from fossil fuels to a sustainable, clean energy future.
Also read: COP29 Green Zone Hosts Panel on Youth and Digital Climate Solutions Â
Slow Progress on Finance Targets
The key to success at COP29 lies in whether negotiators can agree on a new annual climate finance target. Developing countries need at least $1 trillion annually by the end of the decade to cope with climate change. However, progress has been slow, with negotiators still grappling with fundamental issues, such as how much richer countries should contribute and who should pay.
Sweden’s climate envoy, Mattias Frumerie, noted that divisions over these issues remain, suggesting more work ahead for ministers in the coming days.
Developing Countries Push for Financing Solutions
Ruth Nankabirwa, Uganda’s energy minister, emphasized the urgency of securing a deal on affordable financing for clean energy projects. She pointed out that without the necessary funds, many countries may struggle to embark on the energy transition.
Similarly, Mohamed Adow of Power Shift Africa voiced frustration over the slow pace of progress at COP29, highlighting the lack of clarity on key finance goals.
Challenges in Overcoming Fossil Fuel Influence
A significant challenge at COP29 has been the influence of fossil fuel interests on the negotiations. European negotiators have pointed to large oil-producing nations, such as Saudi Arabia, as obstacles to advancing discussions on the transition away from fossil fuels. The slow progress on this front has added to the frustration felt by many at the summit.
The Need for Urgency and Action
As the COP29 summit enters its final stages, the pressure is on to reach an agreement that can deliver meaningful climate finance and action. For COP29 to be successful, negotiators must break through the divisions and act with the same urgency seen during past global crises. The future of the global climate finance system depends on the ability of leaders and negotiators to deliver a clear, actionable deal.