Negotiations at the COP29 UN climate summit are facing a critical impasse, with time running out to secure a deal on crucial funding for vulnerable nations grappling with the impacts of climate change, The Associated Press reports.
Developing countries are demanding $1.3 trillion to address climate damage and adaptation, a figure far exceeding the offers made by wealthier nations.
The summit’s president, Mukhtar Babayev, urged negotiators to finalize technical aspects of the talks by Wednesday afternoon to allow for focused discussions on the substantial financial gap. While experts concur that at least $1 trillion is needed, proposed figures from various nations range wildly, from $1.3 trillion to as low as $440 billion. The disparity highlights the significant challenge in reaching a consensus.
The sticking points revolve around three key areas: the overall funding amount, the balance between grants and loans, and the distribution of contributions among developed nations. Australian Climate Minister Chris Bowen, a key negotiator, noted the wide range of proposed figures, emphasizing the interconnectedness of funding levels and the identification of contributing nations. Diego Balanza, chair of the Like-Minded Group, reported hearing a figure of $200 billion circulating among negotiators, deeming it insufficient.
Despite challenges, some positive movement has been reported. South Africa’s climate minister, Dion George, confirmed a commitment to the Dubai consensus reached last year, which pledges a global transition away from fossil fuels. New Zealand’s climate minister, Simon Watts, expressed encouragement regarding progress on Article 6, focusing on emissions reductions through carbon credit systems.
However, significant hurdles remain. UN Secretary-General António Guterres, addressing the G20 summit in Rio de Janeiro, emphasized the importance of G20 nations in securing COP29’s success, calling for a significant increase in concessional public funds to meet developing countries’ needs. Brazilian President Luiz Inácio Lula da Silva went further, suggesting developed nations advance their 2050 emission reduction targets to 2040 or 2045.
