Thu Nov 21 07:11:43 UTC 2024: ## COP29 Draft Climate Finance Deal Leaves Crucial Funding Question Unanswered
**Baku, Azerbaijan –** A draft agreement released Thursday at the COP29 UN Climate Summit in Baku failed to address the key sticking point hindering a deal on climate finance for developing nations: how much money wealthy countries will contribute. Developing nations are demanding $1.3 trillion for clean energy transitions and climate adaptation, while richer nations have only offered a fraction of that amount.
The draft, intended to form the basis of a final agreement, was criticized by negotiators and experts alike for its lack of concrete financial commitments. Ali Mohamed, chair of the African Group of Negotiators, highlighted the absence of specific funding figures as the biggest obstacle to a successful outcome. Similarly, Li Shuo of the Asia Society Policy Institute described the text as presenting “two extreme ends of the aisle without much in between.”
Several experts, including those from Power Shift Africa and E3G, expressed deep disappointment, emphasizing the need for concrete financial pledges rather than vague promises. Independent analyses suggest at least $1 trillion is needed to achieve climate goals. The draft text, while acknowledging the need for grants and improved access to finance, notably avoids specifying the total amount, the balance between grants and loans, and the contributing nations.
While some observers suggest the lack of numbers in the draft might be a negotiating tactic, others express grave concern. Iskander Erzini Vernoit of the Imal Initiative for Climate and Development voiced profound disappointment at the lack of serious financial commitments from developed nations.
Negotiators must now resolve these critical issues in the coming days. The summit is currently on track for a tense conclusion, mirroring past years’ last-minute drama. The outcome remains uncertain, with a final deal far from guaranteed.
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