Azerbaijan to address disagreements on climate finance at COP29
![COP29 chief negotiator Yalchin Rafiyev](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/04/GC_Ls9IWAAEwj95.jpeg)
The Presidency has begun preparations for the upcoming UN climate talks in Baku this November. Officials from Azerbaijan, the host nation, note early disagreements among states and parties regarding the summit’s main focus, climate finance.
Azerbaijan aims to outline key negotiation points and strategies for achieving positive results. The primary topic at COP29 will be determining who bears the increasing costs of climate change and how much they contribute.
Also read: UN climate chief appeals for $2.4 trillion in climate finance
“We already identified some key positions by certain parties — both on the figure and also on the structure of a possible decision coming up in Baku,” COP29 chief negotiator Yalchin Rafiyev told journalists in Baku on Monday.
“Our strategy is to explore all possibilities and all positions by the parties to see what would be the landing ground at the end in Baku,” Rafiyev added.
According to UN rules, countries need to set a new goal for climate finance this year. Developed countries, responsible for most of the greenhouse gas emissions causing global warming, must pay annually to assist developing nations in adapting to a warmer world.
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/04/Screenshot-2024-04-16-at-9.02.54-AM-1024x653.png)
It’s a contentious issue, especially since the previous climate finance target set in 2009, requiring wealthy nations to provide $100 billion annually by 2020, was only met once in 2022, as the Organization for Economic Cooperation and Development reported.
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