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At COP29 in Baku, tensions escalated as negotiators from vulnerable nations, including the Alliance of Small Island States and Least Developed Countries, stormed out over a draft finance agreement they felt excluded their input. Despite objections from India and Nigeria regarding the rushed adoption of a $300 billion annual climate finance goal by 2035, the deal was finalized in the early hours, highlighting ongoing frustrations over inclusivity in climate negotiations.
At COP29 in Azerbaijan, Saudi Arabia successfully pushed to exclude specific references to fossil fuels from climate agreements, reversing earlier commitments made at COP28. The Saudis negotiated a climate finance deal of $300 billion annually for developing countries by 2035, but did not recommit to reducing fossil fuel reliance, raising concerns about future negotiations as the U.S. faces potential shifts in leadership.
COP29 in Baku, Azerbaijan, faced significant challenges as negotiations over climate finance extended beyond the scheduled end, with developing nations seeking $1 trillion annually by 2030. A draft deal proposed $250 billion from wealthy countries, far below the requested amount, amid notable absences of key world leaders. The conference highlighted frustrations over the lack of commitment from major polluters and the urgent need for a new approach to climate action, especially for vulnerable nations like those in the Pacific.
At COP29 in Baku, a $300 billion annual climate finance deal was adopted to aid developing nations, but it faced criticism for being inadequate. While some hailed it as a step forward, representatives from poorer countries expressed disappointment, stating it falls short of urgent funding needs amid escalating climate impacts. The agreement aims to raise $1.3 trillion annually by 2035 and sets the stage for next year's summit in Brazil, yet lacks concrete actions to transition away from fossil fuels.
Wealthy nations agreed to a $300 billion funding proposal to assist developing countries in transitioning away from polluting fuels, but the deal faced significant criticism for being insufficient. Many poorer nations, including the LDCs and small island states, expressed disappointment over their lack of consultation and the perceived inadequacy of the financial support. The agreement also included provisions for emerging economies like China to contribute, reflecting a complex dynamic between rich and developing nations amid ongoing climate challenges.
The U.S. and EU are implementing trade measures, including tariffs on Chinese electric vehicles, to counter China's dominance in clean energy while seeking to build domestic support for green transitions. However, these actions have strengthened ties between China and emerging economies like Brazil, South Africa, and India, which argue that protectionism hinders green technology deployment. Despite calls for China to enhance its climate commitments, the country maintains its stance as a developing nation, complicating international climate finance discussions.
At the U.N. COP29 climate conference in Baku, discussions centered on climate financing amid concerns over President-elect Trump's stance on climate change and potential rollbacks of existing reforms. While Trump aims to boost fossil fuel infrastructure and withdraw from the Paris Agreement, U.S. climate envoy John Podesta reaffirmed the nation's commitment to climate leadership. Business leaders, including Exxon Mobil's CEO, urged a balanced approach to emissions reduction while emphasizing the importance of maintaining global agreements.
Azerbaijan's President Ilham Aliyev defended fossil fuels at COP29, asserting they are a "gift of the god" and criticizing foreign media for labeling his country a "petrostate." He highlighted Azerbaijan's role in supplying gas to the EU amid the Ukraine crisis, while US climate envoy John Podesta announced a new methane fee for oil and gas companies. Meanwhile, Sweden pledged $18.4 million to the Loss and Damage Fund, and Shell successfully appealed a ruling to cut emissions by 45% by 2030.
COP29 commenced in Baku with the adoption of carbon market rules, despite concerns over transparency and potential human rights violations. President Babayev emphasized the urgent need for climate finance, while the US envoy expressed confidence in ongoing emissions reductions despite political shifts. The agenda was finalized after intense negotiations, focusing on implementing outcomes from last year's Global Stocktake.
Governments are making progress on structuring a new global climate finance goal, but significant divides remain over funding sources and the goal's size. Developing nations propose a target of $1-2 trillion annually, while wealthy countries suggest maintaining at least the previous $100 billion goal, emphasizing the need for both public and private finance contributions. The outcome will be finalized at COP29 in Baku, with ongoing debates about who should contribute and the complexity of the proposed financial structures.
John Podesta
People
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