The COP29 climate summit extended into overtime on Friday night, as world leaders grappled with disagreements over a draft deal proposing that developed nations contribute $250 billion annually towards climate finance by 2035. The ambitious proposal, aimed at accelerating global efforts to combat climate change, faced criticism from both developed and developing countries.
Negotiations hit a snag when the draft called for developed nations to take the lead in funding, a move that some countries argued placed an unfair burden on their economies. Developing nations, on the other hand, expressed concerns that the amount was insufficient to address the escalating impacts of climate change they are already experiencing.
Despite the setbacks, there was a glimmer of progress late on Friday. The COP29 presidency released what it hopes will be a final agreement on rules governing carbon markets. This development is seen as a crucial step toward enabling countries to trade carbon credits, potentially unlocking significant private sector funding for climate initiatives.
However, as midnight approached, delegates continued to work tirelessly on finalizing a comprehensive funding plan. The urgency of the discussions reflects the global consensus on the need for immediate action to curb greenhouse gas emissions and support vulnerable communities.
“We are at a critical juncture,” said one delegate. “The decisions we make here will shape the future of our planet and the lives of future generations.”
The extended talks underscore the complexities of international climate negotiations, where balancing the needs and responsibilities of different nations remains a challenging task. Observers are hopeful that the additional time will allow for a more equitable and effective agreement to emerge.
The world watches with anticipation as the summit continues, hopeful that leaders can bridge their differences and unite in the fight against climate change.
Reference(s):
cgtn.com
