Thu Nov 21 14:52:04 UTC 2024: ## Climate Talks Stalemate at Baku Summit: Rich and Poor Nations Clash Over Funding

**Baku, Azerbaijan** – The UN Climate Change Conference (COP29) in Baku is teetering on the brink of failure as rich and poor nations remain deeply divided over climate finance. With just hours left before the summit’s conclusion, a draft agreement released Thursday was overwhelmingly rejected, leaving the crucial issue of funding for developing nations’ climate action unresolved.

The sticking point centers on how much money developed countries should provide to help developing nations transition to clean energy and adapt to the impacts of global warming. Developing nations, including a powerful bloc led by China, are demanding at least $500 billion in grants, rejecting loans that would increase their debt burden. Developed nations, however, want to include all forms of finance, including private investment, and are pushing for China to contribute. The US and EU, major climate finance providers, have refused to commit to specific figures without further details on the agreement.

The draft agreement, criticized for its vagueness and lack of concrete financial commitments, sparked widespread frustration. Ali Mohamed, chair of the African Group of Negotiators, called the lack of financial figures the “elephant in the room.” Similarly, Cedric Schuster of the Alliance of Small Island States (AOSIS) declared that “the time for political games is over.”

Beyond financing, concerns were raised about the draft’s weak language on phasing out fossil fuels, a key pledge from last year’s COP. Several nations, including Australia, criticized the text for downplaying commitments to reduce reliance on coal, oil, and gas.

The EU’s climate commissioner, Wopke Hoekstra, delivered a scathing assessment, calling the draft “imbalanced, unworkable, and unacceptable.” While Azerbaijan’s lead negotiator appealed for compromise, the lack of progress fueled pessimism. Despite reassurances from Ireland’s climate minister that negotiations were “advancing,” the deep divisions cast a shadow over the summit’s prospects for a meaningful outcome. A revised draft with concrete financial figures is expected later Thursday.

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