The COP29 Climate Summit remains at a standstill. Delegations continue to negotiate a deal as the organization begins dismantling facilities and many participants leave Azerbaijan’s capital.
Some UN officials have already warned that a final plenary meeting is not expected “until after dinner” – Baku time –, he said. Tutor. This unofficial forecast would take the COP at least 24 hours beyond its official closing time.
The fight is the same as during the entire week of negotiations: to agree on the amount that rich states commit to paying poor countries to contain their CO2 emissions and adapt to climate change. The text they are discussing admits that these countries need $1.3 trillion in financing per year from 2030. But it estimates that the minimum rich countries should provide is $250 billion.
Vulnerable states said this was simply “unacceptable”. They want more. Brazil proposed after the offer that the contribution would be $300 billion per year from 2030 to 2035 and $390 billion from then on as a “starting shot.”
On the other hand, the United States began renegotiations saying that, based on what it would cost to reach the previous financial commitment of 100 billion per year, “the new goal will require more ambition and extraordinary scope.” The director of the Spanish Climate Change Office, Valvanera Ulargui, recalled that “the European Union is the largest climate contributor in the world. The important thing is to ensure that this public money is useful to developing countries and our commitment is to increase this contribution.”
But, after an additional night of discussions, COP29 entered a day of extension that resembles horse trading.
