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The recent UN climate summit in Baku concluded with disappointment, as rich nations pledged only $300 billion annually for climate adaptation in poorer countries, a mere three per thousand of the G20's GDP. Critics argue that significant progress in reducing greenhouse gas emissions has occurred outside these summits, suggesting a need for a more streamlined approach to climate negotiations.
With hours left in UN climate talks in Baku, negotiations are faltering over climate finance, as developing nations demand trillions while wealthy countries offer only hundreds of billions. The presidency's inexperience has led to a divisive text, risking a collapse reminiscent of past failed summits. As global tensions rise, the urgency for a viable agreement grows, with many fearing that a weak deal could exacerbate existing inequalities.
At COP29, Uganda's Energy Minister rejected calls to phase out fossil fuels, emphasizing the need for resource exploitation. Meanwhile, European leaders expressed concern over the absence of fossil fuel commitments in the draft agreement, with a focus on cutting emissions and implementing energy goals from last year's Dubai agreement. The talks face pressure to reach a compromise, as failure would be deemed historically shameful.
Negotiators from nearly 200 countries at COP29 in Baku are struggling to secure climate financing, with developing nations needing at least $1 trillion annually by the decade's end. Despite a fragile consensus reached at the G20 summit in Rio, discussions on funding from wealthy nations remain stalled. UN Secretary Antonio Guterres emphasized the urgency of combating misinformation hindering climate progress.
The first week of COP29 in Baku ended in deadlock, with significant divisions between developed and developing nations hindering progress on climate finance and responsibility. India, representing the G-77/China bloc, called for accountability from wealthier countries on unmet financial commitments, emphasizing the need for USD 1.3 trillion annually in climate finance, primarily in grants to avoid burdening vulnerable economies. UN Executive Secretary Simon Stiell urged G20 nations to take bolder action, warning that climate-driven economic losses would affect all economies in the group, but his appeal did not break the impasse.
Negotiators at COP29 face significant challenges, particularly regarding gender-responsive climate policies, with key players blocking progress on human rights language and financing. The African group has expressed frustration over stalled discussions on a $1.3 trillion climate finance goal, emphasizing the need for fairness in the international financial system. Meanwhile, Brazil advocates for a global billionaire tax at the G20 to support climate action and poverty alleviation.
Investor attention will shift to economic data and global developments as the G20 summit commences on Monday, amid a leadership change in the US and rising trade barriers. Key updates will include the flash purchasing managers indices (PMI) for November from India and other major economies. Additionally, the primary markets will see an initial public offering worth Rs 10,000 crore.
At COP29, nearly 200 countries are negotiating a new climate finance goal, potentially reaching up to $2 trillion annually, as developed nations signal reliance on private sector funding amid their own budget constraints. Developing countries, however, advocate for publicly financed grants, expressing skepticism about the feasibility of mobilizing private finance without direct control over these funds. The ongoing distrust stems from past unmet commitments, raising concerns about the credibility of future pledges and the role of multilateral development banks, which face capital restrictions and competing priorities.
Many African countries are facing a renewed debt crisis, with some announcing defaults, participating in the debt service suspension initiative from 2020, or seeking debt restructuring through the G20, Paris Club, and private creditors. This situation highlights ongoing challenges in achieving debt sustainability across the continent.
Sovereign debt poses a significant risk to global growth in 2025, particularly for low-income countries and emerging economies lacking fiscal buffers, according to Saudi Finance Minister Mohammed Al-Jadaan. With global public debt reaching a record $97 trillion, urgent reforms are needed, especially as many African nations face soaring debt-to-GDP ratios and costly debt servicing that surpasses spending on health, education, and climate action. Al-Jadaan emphasized the necessity for global leaders to collaboratively address these challenges to prevent economic shocks.
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climate summit in baku falls short on meaningful progress and funding
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