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COP29 Climate Finance Deadlock
The COP29 climate summit in Baku faces major hurdles in securing a deal on climate finance, with disagreements over funding amounts and sources between developed and developing countries.
French
France
Climate ChangeFinanceClimateNegotiationsInternationalSummit
Un Climate ChangeG20Global Citizen
Samir BejanovSimon StiellEamon RyanFriederike Röder
- What are the main challenges facing the COP29 climate negotiations in Baku?
- The COP29 in Baku is facing significant challenges in reaching a consensus on climate finance. Developed and developing nations are deeply divided over the amount of funding needed to combat climate change, with developing countries demanding $1.3 trillion annually by 2030.
- What is the overall sentiment and urgency surrounding the COP29 negotiations?
- The G20 summit in Rio is seen as a crucial opportunity to inject political momentum into the negotiations and help resolve the financial impasse before the COP30 in Brazil next year. There is a sense of urgency, as the success of the COP29 hinges on reaching a substantial agreement on climate finance.
- What is the role of the G20 summit in Rio in relation to the COP29 negotiations?
- The least developed countries (LDCs) are seeking at least $220 billion annually, and Small Island Developing States (SIDS) are asking for $39 billion. The European Union is frustrated by the slow progress and complexity of the negotiations.
- What is the central point of disagreement between developed and developing nations?
- A major point of contention is the specific amount of funding, with developing nations requesting $1.3 trillion annually while developed nations are hesitant to commit such large public funds. They hope to leverage private investment and funding from other major economies to meet the target.
- What are the specific funding requests from the least developed countries and small island developing states?
- The discussions are tense, with informal meetings showing disagreements over who should pay, what funding types to include, and the timeline. While some Western nations are showing openness to the $1.3 trillion figure, they lack detailed plans for how to provide their share.