The United Nations climate summit in Baku, Azerbaijan, extended past its scheduled end on Friday, leaving negotiators grappling with a proposed climate finance goal that many find underwhelming.
As volunteers celebrated the conclusion of their two-week work with songs and cheers, a different atmosphere pervaded the conference halls of COP29. The presidency announced a draft text proposing an annual climate finance goal of $1.3 trillion by 2035. Developed countries are expected to lead with $250 billion per year to support developing nations in their climate actions.
This new target aims to replace the existing goal of mobilizing $100 billion annually by developed countries to assist developing nations. However, the proposal has been met with disappointment.
“The target figure published on COP29’s final day is insufficient and represents only the start of a journey,” said Brazil’s Minister of Environment and Climate Change, Marina Silva. Another Brazilian negotiator described the figure as “confusing,” highlighting the lack of clarity on the source, structure, and size of the funds.
Activists demonstrated inside the summit venue, silently marching and crossing their arms to symbolize rejection of the draft agreement. Fadhel Kaboub, senior advisor at Kenya-based think tank Power Shift Africa, criticized the proposal. “Developed countries appear to be offering only to mobilize funds, not necessarily to provide them,” he said, warning of “poor-quality financing” that could economically entrap developing nations.
Germany’s Foreign Minister Annalena Baerbock stated that while the European Union is committed to its responsibilities, a broader donor base is needed for the new funding mechanism. “You do not make promises you cannot live up to,” she added, acknowledging a “rocky road ahead” in the talks.
Silva emphasized the urgency of resolving the issue at COP29 rather than delaying it to future conferences. “We cannot delay from COP to COP issues of practical, pressing, and concrete nature,” she stressed.
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Climate summit drags on as proposed financing goal underwhelms
cgtn.com
