Within the framework of the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), held in Baku, a new financial target of between 300 and 500 billion dollars is being negotiated.
According to the information provided to “Report” by a diplomatic source close to the negotiations, they continue in a strict and serious manner.
According to the source, the European Union (EU) and the US do not want to be subjected to a huge financial burden. In the EU they understand that it has to be done now, because it will not be possible to do it in the United States after Donald Trump comes to power.
According to information, the collective West wants to include developing countries with a high level of development and financial opportunities in the process. The West, in particular, intends to involve China, Qatar and similar countries in this process.
Although South Korea and Singapore and, to some extent, the United Arab Emirates have joined this line, China and Saudi Arabia are firmly opposed. China is putting pressure on the process and on Western countries through the “China+G 77” group.
The source recalled that the US strategy in all COP negotiations was to make no commitments and protect the US oil and gas industry. The current negotiating team seems very indecisive after Trump’s election.
Saudi Arabia, Kuwait, Bolivia and this group of other countries are against the “fossil fuel transition” document adopted by the United Arab Emirates last year and are preventing it from being put back on the agenda.
Azerbaijan is the host and mediator in the negotiation process. Geopolitical polarization is acute. If you set the new financial goal, it will be a success for everyone. If this does not happen, the entire world and climate action will fail at the same time.
