G20 leaders in Rio issued a brief statement supporting the COP29 finance goal but provided no concrete guidance, disappointing climate advocates. While some analysts saw potential in the leaders" backing for taxing the ultra-rich to fund climate action, the lack of commitment to shift from fossil fuels was noted as a setback. COP29 President Mukhtar Babayev urged for clearer mandates to unlock finance negotiations, emphasizing the urgency of decisive progress to avoid catastrophic climate outcomes.
Azerbaijan has shelved the launch of its controversial Climate Finance Action Fund (CFAF) at COP29, citing concerns it could disrupt negotiations on the new climate finance goal. The fund, aimed at raising at least $1 billion to support developing countries in transitioning to clean energy, faced criticism as a potential greenwashing initiative. Climate campaigners welcomed the postponement, arguing it detracted from the need for fossil fuel producers to take responsibility for climate damage.
The UAE has submitted its third Nationally Determined Contribution (NDC), aiming for a 47% emissions reduction by 2035 while planning to increase oil and gas production by a third. Critics argue that without addressing fossil fuel expansion, the UAE's climate commitments lack credibility in the fight against global warming.
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