The COP29 climate summit is nearing a critical moment, with negotiations now well into overtime. After intense discussions through Friday and Saturday, no final agreement has emerged, leaving negotiators in suspense. The talks, which took place at the Baku Olympic Stadium, hit another impasse late on Saturday as the draft finance agreement, proposed by the COP29 Presidency, was rejected by many developing countries, including small island states and least-developed nations.
Finance Deal Rejected by Developing Nations
The proposed $250 billion target by 2035 for climate finance was met with strong opposition. Developing nations, already struggling with the impacts of climate change, argued that the target was not only insufficient but also lacked a clear commitment to public funding—a critical issue for countries that rely on financial support to combat climate change.
Leaders from these nations voiced their concerns, demanding the meeting be suspended until their grievances were addressed. Dipak Dasgupta, an economist and IPCC lead author on finance, criticized the proposal, stating, “This is going the wrong way. Collecting nickel-and-dimes.” He further argued that the G20 should have raised $1 trillion in additional climate resources before coming to the summit.
A Stalemate on Climate Finance
The dispute over climate finance is at the core of the deadlock. Developing nations have long insisted on more substantial commitments from wealthier countries to support their efforts in reducing emissions and adapting to climate change. Without a clear plan for public funding and the $1 trillion goal that Dasgupta suggests, the current draft is seen as inadequate to meet the scale of the challenge.
The Urgency of Action
As the summit enters its 24th hour of overtime, the need for a breakthrough is critical. Climate change poses a growing threat to global security, and the failure to secure a finance agreement could undermine the summit’s success in addressing the most urgent issues.
