Countries at the United Nations climate summit are facing increased pressure as they enter the final day of talks with little progress on key goals. COP29 has primarily focused on climate finance, with wealthy nations expected to provide financial support to developing countries for climate-related damages and adaptation efforts. The estimated figure stands at $1 trillion or more, but draft texts released after two weeks of negotiations failed to specify the financial commitment, leading to frustration among developing nations.
The talks, which often extend beyond schedule, highlight the urgency for wealthier nations to address the impacts of climate change resulting from their historical emissions. Azerbaijan, as the host country and an oil-rich nation, faces additional scrutiny in facilitating productive discussions.
While the presidency expressed optimism about the emergence of a financial package, delegates and observers remain dissatisfied with the lack of clarity and progress. The main point of contention lies in rich countries' reluctance to disclose their financial contributions towards transitioning to clean energy, adapting to climate impacts, and addressing losses and damages.
Participants, including climate activists and negotiators, emphasize the critical need for substantial financial commitments to ensure a just transition and equitable future for those most affected by climate change. The absence of a quantified financial proposal in the draft text has been deemed disrespectful and inadequate by vulnerable countries.
In addition to climate finance, negotiations also cover commitments to reduce fossil fuel usage and enhance climate adaptation strategies. However, these areas have seen limited advancement, with criticisms from European nations and the United States regarding the lack of robust proposals.
UN Secretary General Antonio Guterres reiterated the necessity of phasing out fossil fuels to limit global warming, emphasizing the misalignment between official rhetoric and practical actions. The urgency to address climate change remains paramount as countries strive to reach a consensus on critical issues at COP29.
