At the United Nations climate summit in Baku, Azerbaijan, negotiations have hit a roadblock as rich and developing nations remain divided over climate funding. A new draft deal released on Thursday presents two competing options but leaves crucial financial details unresolved.
The draft acknowledges the need for an annual investment of trillions of dollars to help poorer countries tackle global warming. However, both options in the text conspicuously leave the exact amount blank, marked only with an “X.”
With just one day left in the COP29 talks, delegates are grappling with key sticking points: who should pay, how much should be contributed, and what form the funding should take.
“The new finance text presents two extreme ends of the aisle without much in between,” said Li Shuo, director of the China climate hub at the Asia Society Policy Institute. “It’s clear that there’s still a significant gap to bridge.”
The deadlock underscores the persistent challenges in addressing climate change on a global scale, particularly the financial responsibilities of wealthier nations versus those of developing countries.
COP29 President Mukhtar Babayev urged delegates to find common ground. “We must not let this opportunity slip away. The world is watching, and future generations depend on our actions today,” he said during the opening plenary session.
As the clock ticks down, all eyes are on Baku to see if a consensus can be reached that satisfies both rich and poor nations, paving the way for effective global climate action.
Reference(s):
cgtn.com
